PRGS - Progress Software Boosts Outlook Amid Market Challenges
2024-07-05 13:02:58 ET
Summary
- Progress Software recently beat revenue and earnings estimates, and revised guidance upward, but faces lower revenue growth and increased R&D spending.
- The company operates in the fast-growing DevOps market, but faces competition from major players focused on AI/ML integration.
- Recent financial trends feature flattening revenue, declining EPS, and lower gross profit margins.
- With a slowing macro environment, continued cautious client spending, and higher R&D costs, I'm Neutral (Hold) on PRGS for now.
Investment Outlook
Progress Software Corporation ( PRGS ) recently reported its FQ2 2024 financial results, beating both revenue and earnings consensus estimates.
Management also revised upward its forward revenue and earnings guidance and the stock popped on the result....
Progress Software Boosts Outlook Amid Market Challenges