Progress Software Gets Bullish Wall Street Attention Following Earnings Beat

Analysts at Benchmark and Wedbush raise their price targets on shares of Progress Software.
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Shares of business application developer Progress Software  (PRGS) - Get Report were rising Friday after the company was the subject of a couple of bullish analyst notes following its fourth-quarter earnings beat.

Benchmark analyst Marck Schappel saw the company’s results as being “exceptionally strong” while boosting the stock's price target to $57 from $49 with a buy rating.

Meanwhile, Steve Koening at Wedbush said that the strong quarter improved the company’s visibility for fiscal 2020. Given “the consistency of its execution” and guidance for an increase in free cash flow of between $16 million and $20 million in 2020, Koening said shares were due for an upward swing .

Koening raised his price target on the stock to $58 from $52 with an outperform rating.

Shares of Progress Software were rising 3.4% to $49.17 on Friday.

Progress Software reported fourth-quarter adjusted earnings of 79 cents a share on revenue that rose to $123.42 million from $98.1 million a year ago. Analysts were expecting earnings of 75 cents share on revenue of $118.3 million.

The stock jumped nearly 5% after hours Thursday after Progress Software guided first-quarter earnings to between 69 cents and 71 cents a share on revenue between $110 million and $113 million. For the year, the company expects earnings between $2.87 and $2.92 a share on revenue between $448 million and $455 million.

Analysts are expecting first-quarter earnings of 64 cents a share on revenue of $103.9 million, and earnings for the year of $2.90 a share on revenue of $436.7 million.