Progress Software Corporation (PRGS) is gearing up to release its third-quarter earnings after the market closes on Tuesday, September 24th. Analysts are anticipating a strong performance, with estimates pointing towards earnings of $1.14 per share, a notable increase from the $1.08 per share reported in the same period last year. Additionally, Progress Software is projected to report revenue of $175.94 million for the quarter, according to Benzinga Pro data.
The company has been making headlines recently with its strategic acquisition of ShareFile for $875 million, a move completed on September 9th. This deal, funded through a combination of cash and an existing revolving credit facility, is expected to significantly contribute to Progress Software’s revenue growth.
Investors are closely watching the stock’s performance, with PRGS shares closing at $57.59 on Friday, down 0.1% for the day.
To shed light on the sentiment surrounding Progress Software stock, we’ve compiled insights from leading analysts:
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DA Davidson’s Lucky Shreiner
maintained a Buy rating on September 10th, accompanied by a price target of $65. This analyst boasts an accuracy rate of 63%.*
Wedbush analyst Daniel Ives
reiterated an Outperform rating on September 10th, with a price target of $68. Ives has a proven track record, demonstrating an accuracy rate of 75%.*
Oppenheimer’s Ittai Kidron
kept an Outperform rating and a price target of $66 on June 26th. Kidron’s accuracy rate stands at 65%.*
Jefferies analyst Brent Thill
maintained a Hold rating on June 26th but lowered the price target from $60 to $55. Thill’s accuracy rate is a respectable 78%.*
Guggenheim’s Raymond McDonough
reaffirmed a Buy rating with a price target of $64 on June 25th. This analyst’s accuracy rate sits at 71%.With a backdrop of strong earnings expectations and a strategic acquisition driving growth, Progress Software appears poised for an exciting period. The company’s performance, combined with the consensus among top analysts, makes PRGS stock worth a closer look for investors.
