What Is Happening With Progress Software Shares Today?

  • 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.

Posted In: Briefswhy it's movingAnalyst ColorEarningsLong IdeasNewsGuidancePrice TargetReiterationAnalyst RatingsMoversTechTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.