Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Progress Software Corp (NASDAQ:PRGS) reported Q3 FY21 non-GAAP revenue of $152.6 million, up 38% year-on-year, beating the consensus of $131.1 million. Non-GAAP EPS of $1.18 beat the consensus of $0.82.
- The cloud-based security solutions provider raised its FY21 non-GAAP revenue outlook from $529 million - $535 million to $548 million - $552 million, above the consensus of $533.2 million. Priority Technology bumped the FY21 non-GAAP EPS guidance from $3.46 - $3.50 to $3.68 - $3.70, above the consensus of $3.47.
- Citi analyst Tyler Radke raised the PT to $50 from $48, implying an 8.2% Upside based on the last close price of $46.21, and reiterated a Neutral.
- However, Radke believes Progress Software's valuation discount relative to peers is fair given its reliance on acquisitions for growth and increasing macro-level risk.
- Oppenheimer analyst Ittai Kidron raised the PT to $60 from $54, suggesting a 29.8% Upside based on the last close price, and maintained an Outperform.
- Progress delivered a strong August quarter, with EPS and revenue exceeding consensus estimates as the company benefited from earlier than anticipated renewals and strong demand for its products, Kidron noted.
- Kidron's confidence in management's ability to deliver on its $1 billion revenue target remains high.
- Price Action: PRGS shares traded higher by 10.5% at $51.06 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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