Skip to main content

Market Overview

UPDATE: Wedbush Raises PT on Progress Software Corporation on 1Q Revenue Beat

Share:

In a report published Thursday, Wedbush analyst Steve Koenig reiterated a Neutral rating on Progress Software Corporation (NASDAQ: PRGS), and raised the price target from $22.00 to $24.00.

In the report, Koenig noted, “PRGS's 1Q revenue beat was encouraging – even if only by $3M – as it stood in contrast to Feb. quarter misses from larger software companies ORCL (NEUTRAL), TIBX (OUTPERFORM), and RHT (not covered). The company's core revenue grew 2% Y/Y, the first non-negative result since 4Q11, driven by modest growth in OpenEdge and double-digit growth in Decision Analytics. For the first time in a long time, we are feeling upbeat about PRGS's ability to stabilize its top line, while improving margins, based on the company's decent 1Q print and greater transparency accompanying the change in its management team.”

Progress Software Corporation closed on Wednesday at $22.28.

Latest Ratings for PRGS

DateFirmActionFromTo
Jan 2021WedbushMaintainsOutperform
Aug 2020WedbushAssumesOutperform
Mar 2020WedbushMaintainsOutperform

View More Analyst Ratings for PRGS
View the Latest Analyst Ratings

 

Related Articles (PRGS)

View Comments and Join the Discussion!

Posted-In: WedbushAnalyst Color Price Target Analyst Ratings

Latest Ratings

StockFirmActionPT
ETCredit SuisseMaintains13.0
IFRXCredit SuisseMaintains2.8
METCredit SuisseMaintains68.0
FLXNCredit SuisseMaintains14.0
ENPHCapital OneInitiates Coverage On175.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com