Oppenheimer analyst Ittai Kidron maintains $Progress Software (PRGS.US)$ with a buy rating, and adjusts the target price from $66 to $70.
According to TipRanks data, the analyst has a success rate of 52.7% and a total average return of 12.5% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Progress Software (PRGS.US)$'s main analysts recently are as follows:
Progress Software's recent performance surpassed Q3 consensus forecasts and prompted an upward revision of Q4 estimates, disregarding the expected impact from the forthcoming ShareFile acquisition. The significant opportunity lies in amplifying the margin and consequently enhancing free cash flow on a larger scale. While acknowledging that certainty is never assured and risks are inherent in such ventures, a review of historical outcomes suggests a favorable view of the company's prospects.
Progress Software has been acknowledged for delivering a robust third quarter, surpassing estimates due to widespread demand for its diverse product offerings and notable profitability. Impressively, the company has experienced minimal impact from the MOVEit breach, further reinforced by a recent exoneration from any misconduct by the SEC. As the company progresses beyond the breach with minimal fallout, it is anticipated that the stock's temporary burden will diminish. In terms of mergers and acquisitions, the company's leadership has conveyed optimism regarding the integration of ShareFile and the prospect of elevating operating margins to surpass 40%. The overall sentiment remains optimistic, with the belief that management has consistently demonstrated an ability to achieve sustained top-line growth while maintaining robust profitability.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
