Progress Software Gets Price Target Bumps By Analysts Following Strong Q1 Results

Progress Software Corporation PRGS reported better-than-expected Q1 results.

Progress Software posted quarterly earnings of $1.19 per share, beating market expectations of $1.05 per share. The company’s quarterly sales came in at $165.61 million, versus estimates of $158.66 million.

Progress Software said it sees FY23 adjusted revenue of $650 million to $688 million and adjusted EPS of $4.09 to $4.17.

Progress Software shares dropped 1.2% to $57.95 in today’s pre-market trading session.

These analysts made changes to their price targets on Progress Software following the release of results.

• Oppenheimer raised the price target on Progress Software from $53 to $63. Oppenheimer analyst Ittai Kidron maintained an Outperform rating.
• JP Morgan boosted the price target on Progress Software from $57 to $65. JP Morgan analyst Pinjalim Bora maintained an Overweight rating.
• Guggenheim analyst Raymond McDonough, meanwhile, reiterated Progress Software with a Buy and maintained a $64 price target.

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