Progress Software gains after co raises FY24 forecasts
25/09/2024 14:57
(Updates)
** Shares of Progress Software PRGS.O rise 12.9% to $64.58
** At least 3 brokerages raise PTs after co beats estimates
for Q3 results and raises FY24 revenue and profit forecasts
** Business trends remain stable for ShareFile, similar to
what Progress has been seeing in that market with its own
digital experience products - brokerage D.A. Davidson & Co
** Rev outlook conservatively accounts for uncertain macro
environment and sets up "achievable/beatable 4Q expectations" -
brokerage Oppenheimer
** PRGS raises FY24 revenue forecast to be between $745 mln
and $755 mln vs. between $725 mln and $735 mln earlier
** Co now expects FY24 adj. EPS to be between $4.75 and
$4.85 vs previous forecast of $4.70 and $4.80
** PRGS' Q3 rev $178.7 mln vs. analysts' average estimate of
$175.9 mln - LSEG
** As of last close, stock up ~5% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))