Progress Software falls on cutting FY profit forecast

Progress Software

29/03/2023 16:31

** Shares of Progress Software Corp  PRGS.O  down 5.4% at
$55.5 in morning trade 
    ** Co cuts FY 2023 GAAP profit guidance to $1.32-$1.40 per
share from $1.38-$1.46 per share  urn:newsml:reuters.com:*:nTUA93GNW
    ** Also, reaffirms adj. profit guidance for FY 2023 between
$4.09/shr and $4.17/shr, in line with analyst expectations of
$4.13/shr - Refinitiv IBES 
    ** Brokerage firm Jefferies says "co remains an outlier in
software with no meaningful headwinds from the macro environment
so far"
    ** Jefferies further adds that management commentary
suggests net retention will likely not increase higher than
current level 
    ** 5 of 7 brokerages rate stock "buy" or higher, 2 "hold";
their median PT is $63.50
    ** As of last close, PRGS rose 16.25% YTD

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))