FMP
Mar 25, 2024 2:00 PM - Rayan Ahmad
Image credit: ThisisEngineering RAEng
Ittai Kidron of Oppenheimer has recently adjusted the price target for Progress Software Corporation (PRGS:NASDAQ) to $66, which is a notable increase of about 25.76% from its last closing price of $52.48. This adjustment, reported on Monday, March 25, 2024, suggests a bullish outlook on the company's stock, reflecting confidence in its future performance. This optimism seems to be rooted in the anticipation of PRGS's upcoming earnings report, as detailed in a related article by Benzinga titled "Progress Software Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts."
According to Zacks Investment Research, despite an expected year-over-year decline in earnings, Progress Software is projected to report higher revenues for the quarter ending February 2024. This indicates that while the company might face challenges in maintaining its earnings level, its revenue generation capabilities remain strong. The consensus among analysts suggests a positive earnings picture for PRGS, with the actual results of the forthcoming earnings report being a critical factor in determining the stock's near-term price movement. Scheduled for release on March 26, the earnings report could significantly influence PRGS's stock price, depending on whether the company manages to exceed the key numbers expected by analysts.
Further bolstering the optimistic outlook for PRGS, Zacks Investment Research highlights that the company is anticipated to outperform expectations this earnings season. This is supported by favorable earnings estimate revisions and a positive Zacks Earnings ESP. Analysts have recently increased their estimates for PRGS, with the Most Accurate Estimate for the current quarter now surpassing the broader Zacks Consensus Estimate of $1.14 per share. This adjustment has led to a Zacks Earnings ESP of +0.44% for Progress Software, suggesting a potential earnings beat. Such developments are significant as they reflect analysts' optimism based on the most current information, hinting at underlying positive trends for PRGS in the upcoming report.
The recent trading session saw PRGS's stock price decrease by 0.41, a change of approximately -0.7752%, to close at $52.48. Despite this slight decrease, the stock has demonstrated resilience over the past year, with shares reaching a peak of $62.34 and a low of $49.02. With a market capitalization of approximately $2.3 billion and a trading volume of 817,356 shares, PRGS remains a notable player in its sector. The anticipation surrounding its earnings report and the recent positive adjustments in analysts' forecasts suggest potential for stock price appreciation, aligning with Kidron's revised price target.
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