- Progress Software Corp 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.
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