Dernières nouvelles pour Progress Software (NASDAQ:PRGS) Stock

Progress Software

Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries. Its product includes OpenEdge; Chef; Developer Tools; Kemp LoadMaster; MOVEit; DataDirect; WhatsUp Gold; Sitefinity; Flowmon and Corticon. The company derives revenue from perpetual licenses to its products, but some products also use term licensing models. Its cloud-based offerings use a subscription-based model. A majority of the firm's revenue is generated in the United States and it also has presence in Canada, the Middle East, and Africa (EMEA), Latin America, and Asia Pacific.

Progress Software Corporation - Common Stock

Progress Software Corp

Synopsys (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snps#NASDAQ">SNPS</a>) shares have experienced a pullback in recent times, with shares now trading 19.7% below its 52-week high of $629.38 achieved on Sept. 30.
Over the past three months, Synopsys shares have plunged 16.9%, underperforming the broader Zacks Computer &amp; Technology Sector&#39;s decline of 1.1% and the Zacks Computer &ndash; Software industry&#39;s fall of 2.7%.
Synopsys is currently facing several challenges, including a rise in cost of revenues and operating expenses. In the third quarter of fiscal 2024, these costs increased to $1.17 billion compared to $1.01 billion in the same period last year. This sharp rise has raised concerns about the company&#39;s ability to manage its rising costs effectively.
SNPS faces intense competition in the semiconductor and electronic design automation (EDA) space, which has been a headwind. Delays in realizing synergies from recent acquisitions have been a concern.
<div class="chart_embed">
<h2>Synopsys, Inc. Price and Consensus</h2>
<img alt="Synopsys, Inc. Price and Consensus" src="https://staticx-tuner.zacks.com/images/charts/2b/1727786842.png" style="height:278px; width:620px" title="" />
Synopsys, Inc. price-consensus-chart | Synopsys, Inc. Quote
Does the dip in SNPS shares make the stock attractive? Let&#39;s analyze.
</div>
<h2>Synopsys Prospects Ride on Strong Portfolio</h2>
Synopsys&#39; innovative product lineup is expected to boost its prospects. The shift toward hybrid working is driving demand for higher bandwidth, which bodes well for the company&#39;s solutions. The rising demand for AI, 5G and IoT benefits SNPS&#39; prospects.
Synopsys reported strong revenues in the third quarter of fiscal 2024, with revenues increasing 13% year over year to $1.53 billion, in line with the Zacks Consensus Estimate.
SNPS anticipates achieving approximately 15% revenue growth for fiscal 2024. For fiscal 2024, it expects revenues between $6.105 billion and $6.135 billion.
The Zacks Consensus Estimate for revenues is pegged at $6.13 billion, indicating year-over-year growth of 4.93%.
For fiscal 2024, non-GAAP earnings are expected in the range of $13.07-$13.12 per share. The consensus mark for earnings is pegged at $13.12 per share, unchanged over the past 30 days.
For the fourth quarter of 2024, Synopsys expects revenues between $1.614 billion and $1.644 billion. The Zacks Consensus Estimate for fourth-quarter fiscal 2024 is currently pegged at 3.28 per share, up by a penny over the past 30 days.
Non-GAAP earnings are expected to be between $3.27 per share and $3.32 per share. The consensus mark for fourth-quarter fiscal 2024 revenues is pegged at $1.62 billion, indicating year-over-year growth of 1.01%.
<h2>Will Acquisitions Help SNPS Stock Rebound?</h2>
Synopsys has made several acquisitions to expand its product portfolio and drive growth. Over the past five years, it acquired more than 15 companies, including Intrinsic ID and Valtrix in 2024.&nbsp;
Synopsys is in the process of acquiring ANSYS (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/anss#NASDAQ">ANSS</a>), a move designed to strengthen its Silicon to Systems strategy, particularly in sectors such as automotive, aerospace and industrial. This acquisition is expected to expand Synopsys&#39; customer base and enhance its product offerings.
<h2>Slowing Top-Line Growth, Stiff Competition Concerns for SNPS</h2>
Synopsys&#39; Design Automation segment saw slower growth in the third quarter of fiscal 2024. Revenues from this segment increased a modest 6% year over year, reaching $1.06 billion. In comparison, the same segment saw 23% growth in the third quarter of fiscal 2023, reaching $1.0 billion.
This downturn was due to tough competition in the EDA market, where Synopsys competes with major players like Cadence Design Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>) and Mentor Graphics.&nbsp;
Unfavorable forex and a challenging macroeconomic environment are major deterrents for investors.
<h2>Zacks Rank &amp; Valuation</h2>
Synopsys currently carries a Zacks Rank #3 (Hold), suggesting that it may be wise to wait for a more favorable entry point in the stock.
Its Value Score of D indicates a stretched valuation at this moment.
In terms of forward Price/Earnings, SNPS is currently trading at 34.82X, higher than the broader sector&#39;s 32.33X.
<h2>A Top-Ranked Stock to Consider</h2>
Progress Software (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/prgs#NASDAQ">PRGS</a>) is a better-ranked stock in the broader sector, sporting a Zacks Rank #1 (Strong Buy).
Long term earnings growth rate is currently pegged at 2%. Progress Software shares have appreciated 23.2% year to date.
<a href="https://www.zacks.com/stock/news/2344135/snps-drops-20-from-52-week-high-is-the-stock-worth-buying-on-dip?cid=CS-BENZ-FT-analyst_blog|rank_focused-2344135">To read this article on Zacks.com click here.</a>

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SNPS

SNPS Drops 20% From 52-Week High: Is the Stock Worth Buying on Dip?

As of Sept. 26, 2024, three stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</h3>
<ul>
<li>After the closing bell on Wednesday, Micron reported better-than-expected fourth-quarter financial results. The company reported fourth-quarter revenue of $7.75 billion, beating the consensus estimate of $7.635 billion. The company reported fourth-quarter adjusted earnings of $1.18 per share, beating analyst estimates of $1.13 per share, according to Benzinga Pro. "Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time," said Sanjay Mehrotra, president and CEO of Micron. The company's stock gained around 7% over the past five days and has a <a href="https://www.benzinga.com/quote/MU">52-week high of $157.54</a>.</li>
<li>RSI Value: 70.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>MU Price Action: Shares of Micron gained 1.9% to close at $95.77 on Wednesday.</li>
</ul>
<h3 class="wp-block-heading">Progress Software Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>)</h3>
<ul>
<li>On Sept. 24, Progress Software reported better-than-expected financial results for the third quarter. "This is a very exciting time for Progress. Our Q3 results were ahead of our guidance, and I am extremely pleased with our execution during the quarter," said Yogesh Gupta, CEO of Progress. The company's stock gained around 10% over the past five days and <a href="https://www.benzinga.com/quote/PRGS">has a 52-week high</a> of $65.84.</li>
<li>RSI Value: 85.64</li>
<li>PRGS Price Action: Shares of Progress Software rose 11.9% to close at $63.92 on Wednesday.</li>
</ul>
<h3 class="wp-block-heading">Zeta Global Holdings Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>)</h3>
<ul>
<li>On Sept. 23, DA Davidson analyst Clark Wright maintained Zeta Global with a Buy and raised the price target from $30 to $35. The company's stock gained around 18% over the past month and has a <a href="https://www.benzinga.com/quote/ZETA">52-week high </a>of $30.47.</li>
<li>RSI Value: 71.60</li>
<li>ZETA Price Action: Shares of Zeta Global fell 2% to close at $29.63 on Wednesday.</li>
</ul>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41024505/top-5-industrials-stocks-that-may-collapse-in-q3">Top 5 Industrials Stocks That May Collapse In Q3</a></li>
</ul>

Long Ideas

Pre-Market Outlook

ZETA

Top 3 Tech Stocks That Are Ticking Portfolio Bombs

Guggenheim analyst Raymond McDonough maintains Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) with a Buy and raises the price target from $64 to $70.

Price Target

Guggenheim Maintains Buy on Progress Software, Raises Price Target to $70

DA Davidson analyst Lucky Schreiner maintains Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) with a Buy and raises the price target from $65 to $70.

DA Davidson Maintains Buy on Progress Software, Raises Price Target to $70

U.S. stocks were mixed, with the Dow Jones index falling around 0.2% on Wednesday.
Shares of Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) rose sharply during Wednesday's session after Barclays upgraded the stock from Equal-Weight to Overweight and raised its price <a href="https://www.benzinga.com/quote/HPE/analyst-ratings">target from $20 to $24</a>.
Hewlett Packard Enterprise shares jumped 5.5% to $19.92 on Wednesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>SBC Medical Group Holdings Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBC#NASDAQ">SBC</a>) shares jumped 26.2% to $8.37.</li>
<li>Capricor Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAPR#NASDAQ">CAPR</a>) gained 21.8% to $11.09. Maxim Group and Oppenheimer increased price targets on the stock.</li>
<li>Cipher Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIFR#NASDAQ">CIFR</a>) gained 15.5% to $3.9750. Northland Capital Markets analyst Mike Grondahl initiated coverage on Cipher Mining with an Outperform rating and announced a price target of $6.</li>
<li>Rezolve AI Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>) jumped 14% to $5.61.</li>
<li>Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) shares jumped 12.9% to $64.52 after Oppenheimer raised its price target on the stock from $66 to $70. The stock is also moving on continued strength following strong third-quarter earnings and guidance yesterday.</li>
<li>Xiao-I Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIXI#NASDAQ">AIXI</a>) gained 10.8% to $4.98.</li>
<li>Biohaven Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NASDAQ">BHVN</a>) surged 9% to $49.09. Biohaven recently announced its study of Troriluzole for the treatment of spinocerebellar ataxia in achieved the primary endpoint.</li>
<li>Flutter Entertainment plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NASDAQ">FLUT</a>) surged 8.3% to $246.99. Flutter Entertainment outlined long-term growth plan and up to $5 billion share repurchase program authorization.</li>
<li>Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) gained 8% to $8.20. The company announced its electron low Earth orbit mission on Friday Sept. 20th.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) gained 7.6% to $13.77.</li>
<li>POET Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POET#NASDAQ">POET</a>) climbed 7.5% to $5.11.</li>
<li>Upstart Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) gained 7% to $40.26.</li>
<li>MINISO Group Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NASDAQ">MNSO</a>) gained 5.4% to $14.13.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) gained 4% to $23.73.</li>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares rose 3% to $124.44. The company's CEO Jensen Huang adopted a Rule 10b5-1 trading plan earlier this year. According to a Barron's report, the Nvidia CEO has completed selling the maximum number of shares under the plan several months early.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41024505/top-5-industrials-stocks-that-may-collapse-in-q3">Top 5 Industrials Stocks That May Collapse In Q3</a></li>
</ul>

Intraday Update

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FLUT

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NVDA

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Hewlett Packard Enterprise, Nvidia, Progress Software And Other Big Stocks Moving Higher On Wednesday

WIIM

Progress Software shares are trading higher after Oppenheimer raised its price target on the stock form $66 to $70. The stock is also moving on continued strength following strong Q3 earnings and guidance yesterday.

Oppenheimer analyst Ittai Kidron maintains Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) with a Outperform and raises the price target from $66 to $70.

Oppenheimer Maintains Outperform on Progress Software, Raises Price Target to $70

OCTO: 83% &#x7C; <a href="https://www.benzinga.com//node/41021202">Eightco Holdings Stated That It Has Made Significant Progress In 2024 By Improving Its Balance Sheet, Most Notably Through The Elimination Of $5.4M In Convertible Notes And Increasing Shareholder Equity By $23M</a>
&nbsp;
PRGS: 11% &#x7C; <a href="https://www.benzinga.com//node/41015137">Progress Software Stock Jumps On Q3 Earnings: Revenue Beat, EPS Beat, Raised Guidance And More</a>
&nbsp;
TH: -35% &#x7C; <a href="https://www.benzinga.com//node/41022067">Target Hospitality shares are trading lower after the company announced that the Company's Board of Directors has determined to disband the Special Committee.</a>
&nbsp;
&nbsp;

OCTO

Market-Moving News for September 25th

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Cintas Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) to report quarterly earnings at 95 cents per share on revenue of $2.5 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Cintas shares rose 0.5% to $205.93 in after-hours trading.</li>
<li>Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) <a href="https://www.benzinga.com/news/earnings/24/09/41015137/progress-software-stock-jumps-on-q3-earnings-revenue-beat-eps-beat-raised-guidance-and-more">reported</a> better-than-expected third-quarter financial results and raised its FY24 outlook. The company said it now sees full-year adjusted revenue in the range of $745 million to $755 million, up from a prior forecast of $725 million to $735 million. The company also raised its full-year earnings outlook to a range of $4.75 to $4.85 per share, up from a prior outlook of $4.70 to $4.80 per share. Progress Software shares gained 5.2% to $60.11 in the after-hours trading session.</li>
<li>Analysts expect Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) to post quarterly earnings at $1.13 per share on revenue of $7.64 million after the closing bell. Micron shares gained 0.8% to $94.77 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) reported weaker-than-expected financial results for the first quarter. Worthington shares fell 4% to $43.47 in the after-hours trading session.</li>
<li>Analysts are expecting Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) to post quarterly earnings at 78 cents per share on revenue of $1.71 billion. The company will release earnings after the closing bell. Jefferies Financial shares gained 0.7% to $62.90 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41003853/wall-streets-most-accurate-analysts-views-on-3-tech-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Tech Stocks Delivering High-Dividend Yields</a></li>
</ul>
Photo courtesy: Wikimedia

CTAS

Cintas, Micron Technology And 3 Stocks To Watch Heading Into Wednesday

Progress Software Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) shares are trading higher in Tuesday&#8217;s after-hours session after the company reported better-than-expected <a href="https://www.benzinga.com/pressreleases/24/09/g41014181/progress-announces-third-quarter-2024-financial-results">financial results for the third quarter</a>.
<ul>
<li>Q3 Revenue: $178.69 million, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $175.94 million</li>
</ul>
<ul>
<li>Q3 EPS: $1.26, versus estimates of $1.14</li>
</ul>
Total revenue was up 2% on a year-over-year basis. Annualized recurring revenue totaled $582 million, &#8220;relatively flat&#8221; on a constant currency basis. Operating margin was 23%, while adjusted operating margin was 41%. 
Progress Software said it ended the quarter with $232.7 million in cash and cash equivalents. 
&#8220;This is a very exciting time for Progress. Our&nbsp;Q3&nbsp;results were ahead of our&nbsp;guidance, and I am extremely pleased with our execution during the quarter,&#8221; said Yogesh Gupta, CEO of Progress. 
&#8220;What&#8217;s more exciting is our proposed acquisition of ShareFile, which we announced two weeks ago. We expect the deal to close before the end of our fiscal year, and we are eager to begin the work of integrating ShareFile&#8217;s people and products into the Progress team.&#8221;
See Also: <a href="https://www.benzinga.com/news/earnings/24/09/41014297/stitch-fix-stock-falls-after-q4-results-heres-why">Stitch Fix Stock Falls After Q4 Results: Here&#8217;s Why</a>
Outlook: Progress Software expects fourth-quarter adjusted revenue to be between $207 million and $217 million. The company anticipates fourth-quarter adjusted earnings of $1.15 to $1.25 per share.
Progress also raised its full-year guidance. The company now sees full-year adjusted revenue in the range of $745 million to $755 million, up from a prior forecast of $725 million to $735 million. The company also raised its full-year earnings outlook to a range of $4.75 to $4.85 per share, up from a prior outlook of $4.70 to $4.80 per share. 
According to <a href="http://pro.benzinga.com">Benzinga Pro</a>, analysts are currently anticipating full-year revenue of $730.02 million and full-year earnings of $4.75 per share.
Management will hold a conference call to discuss these results at 5 p.m. ET.
PRGS Price Action: At publication time, <a href="http://benzinga.com/quote/prgs">Progress Software shares</a> were up 4.29% at $59.60 in after-hours trading, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Guidance

After-Hours Center

Progress Software Stock Jumps On Q3 Earnings: Revenue Beat, EPS Beat, Raised Guidance And More

Progress Software shares are trading higher after the company reported better-than-expected Q3 financial results and raised its FY24 guidance.

Progress Software Raises FY24 Adj Revenue Forecast From $725M - $735M To $745M - $755M (Est $730.02M), Adj EPS From $4.70 - $4.80 To $4.75 - $4.85  (Est $4.75)

Progress Software Expects Q4 Adj Revenue Of $207M - $217M, Adj EPS Of $1.15 - $1.25

Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) reported quarterly earnings of $1.26 per share which beat the analyst consensus estimate of $1.14 by 10.53 percent. This is a 16.67 percent increase over earnings of $1.08 per share from the same period last year. The company reported quarterly Adj sales of $178.69 million which beat the analyst consensus estimate of $175.94 million by 1.56 percent. This is a 1.65 percent increase over sales of $175.78 million the same period last year.

Earnings Beats

Progress Software Q3 2024 Adj EPS $1.26 Beats $1.14 Estimate, Adj Sales $178.69M Beat $175.94M Estimate

After the market ended at a fresh record on Monday, traders have positioned themselves for more gains. The index futures are modestly higher early Tuesday. China, the second largest economy in the world, decided to go bold, with the nation&#8217;s central bank announcing a series of stimulatory measures. This has sent commodities soaring, given China is a commodity-guzzling country. China&#8217;s growth has a bearing on the rest of the global economy as it is often called the world&#8217;s factory.
In the domestic market, traders may look ahead to a speech by a Federal Reserve official, a consumer confidence reading and a couple of house prices data. Momentum suggests additional gains but the overbought levels may introduce caution, especially ahead of key inflation data due this week and more labor market data that would roll out next week.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.32%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.19%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.17%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.44%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.23% to $570.96 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) climbed 0.35% to $484.74, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks closed Monday&#8217;s session modestly higher although trading was marked by some degree of volatility. The major indices opened higher, as they digested comments from Fed officials, and reacted to S&amp;P Global private sector activity readings, which showed the manufacturing sector contracted more than expected. Minneapolis Fed President Neel Kashkari said in an interview with CNBC&#8217;s Squawk Box that he favored a slowdown in rate cuts.
The indices traded on a nervous note, with the Dow Industrials and the Nasdaq Composite dipping below the unchanged line in the mid-session before making a comeback. The Dow hit new intraday and closing highs, while the S&amp;P 500 Index, despite the mid-session volatility, traded in the green throughout the session and ended at a fresh high.
Among S&amp;P 500 sectors, real estate, utility, material, energy and consumer discretionary stocks advanced solidly. On the other hand, communication services, healthcare and IT stocks experienced modest weakness.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.14%</td>
<td>17,974.27</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.28%</td>
<td>5,718.57</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.15%</td>
<td>42,124.65</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.34%</td>
<td>2,220.28</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The Fed delivered in line with expectations and it is now time to move to neutral on defensives vs. cyclicals, said Morgan Stanley&#8217;s U.S. Equity Strategist Mike Wilson. The valuation of defensives has reached extended levels and &#8220;we await more clarity on the labor data,&#8221; the strategist said. 
&#8220;Historically, defensives see fairly persistent outperformance 3-12 months following the Fed&#8217;s first cut, but can see initial, modest underperformance in the 1 month following the initial rate reduction,&#8221; Wilson said. The strategist recommended taking profits on the recent outperformance of defensives makes sense in the absence of knowing the outcome of the next labor report. 
Wilson said he continued to have conviction in his recommendation of large caps over small caps and also his bias for high-quality names.
WisdomTree Senior Economist and Wharton Professor Emeritus Jeremy Siegel said valuations across many sectors appear stretched by historical standards, particularly in the technology sector and AI-driven companies. &#8220;This reflects a broader market anticipation of substantial growth driven by technological advancements,&#8221; he said.
&#8220;As AI continues to evolve, it will be crucial to differentiate between companies that are genuinely creating value through innovative AI applications and those whose valuations are inflated by speculative interest.&#8221;
Siegel sees big rate cuts supporting small-cap companies that borrow at short-term borrowing rates as these companies have been the most impacted by the Fed&#8217;s aggressive rate hikes and they have some relatively cheap valuations in the U.S. market.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Upcoming Economic Data:
<ul>
<li>Federal Reserve Governor Michelle Bowman is scheduled to speak at 9 a.m. EDT.</li>
<li>The S&amp;P/Case-Shiller and Federal House Finance Agency are due to announce the results of their separate house price surveys for July at 9 a.m. EDT.</li>
<li>The Conference Board will announce its consumer confidence index for September at 10 a.m. EDT, with economists, on average, expecting the index to rise from 103.3 in August to 104 currently.</li>
<li>The Treasury is set to auction two-year notes at 1 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Liberty Broadband Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDA#NASDAQ">LBRDA</a>) shares soared over 18% <a href="https://www.benzinga.com/premarket">in premarket trading</a> after the company announced that it communicated a counterproposal to the Special Committee of the Board of Directors of Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) regarding its proposed acquisition by the latter.</li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) dropped over 3% following the company&#8217;s announcement concerning a convertible note offering.</li>
<li>Hawaiian Electric Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) plunged over 11.50% after the company announced a commons stock offering.</li>
<li>AutoZone, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) and THOR Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THO#NYSE">THO</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">announce their quarterly results before the market opens.</a></li>
<li>Those reporting after the close include KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>), Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>), Stitch Fix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFIX#NASDAQ">SFIX</a>) and Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Oil and gold futures climbed, with the latter trading in record territory amid stimulus measures announced by China&#8217;s central bank, and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is little changed at $63.5K level. The 10-year Treasury note climbed 5.5 points to 3.793%.
Asian stocks, though ending mixed, saw spectacular performances by the Chinese market. The Shanghai Composite Index soared over 4% on stimulus hopes, and this positivity seeped into the Hong Kong market. The Chinese stock market gauge&#8217;s performance marked the biggest one-day gain in over four years. 
The People&#8217;s Bank of China announced a slew of measures to kickstart domestic growth, which has been constrained by an ailing property sector. In a new conference in Beijing, central bank chief Pan Gongsheng said, &#8220;The reserve requirement ratio will be cut by 0.5 percentage points in the near future,&#8221; while he also hinted at reducing the policy interest rate and driving down the market benchmark interest rate to reinvigorate growth.
&#8216;The Taiwanese and South Korean markets also recorded decent gains. The Australian market retreated amid a pause decision by the central bank.
The European markets firmed up early Tuesday.
Read Next:
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<li>S&amp;P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?</li>
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Image Via Shutterstock

Equities

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$BTC

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LBRDA

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SNOW

Nasdaq, S&P 500 Futures Firm, China's Economic Stimulus Fuels Commodities, Bitcoin Steady: Here's What Traders Should Be Watching Tuesday

Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) will release earnings results for its third quarter, after the <a href="https://www.benzinga.com/quote/PRGS/earnings">closing bell on Tuesday, Sept. 24.</a>
Analysts expect the Burlington, Massachusetts-based company to report quarterly earnings at $1.14 per share, up from $1.08 per share in the year-ago period. Progress Software projects to report revenue of $175.94 million for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 9, the company entered a definitive deal to acquire ShareFile for $875 million, in a combination of cash and an existing revolving credit facility.
Progress Software shares fell 0.1% to close at $57.59 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated </a><a href="https://www.benzinga.com/quote/PRGS/analyst-ratings">the </a><a href="https://www.benzinga.com/quote/TJX/analyst-ratings">company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/660556985b68c3000192b13e/lucky-schreiner">DA Davidson analyst Lucky Shreiner</a> maintained a Buy rating with a price target of $65 on Sept. 10. This analyst has an accuracy rate of 63%.</li>
<li>Wedbush analyst Daniel Ives reiterated an Outperform rating with a price target of $68 on Sept. 10. This analyst has an accuracy rate of 75%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5937f6b185b07a0001ac364f/ittai-kidron">Oppenheimer analyst Ittai Kidron</a> maintained an Outperform rating with a price target of $66 on June 26. This analyst has an accuracy rate of 65%.</li>
<li>Jefferies analyst Brent Thill maintained a Hold rating and slashed the price target from $60 to $55 on June 26. This analyst has an accuracy rate of 78%.</li>
<li>Guggenheim analyst Raymond McDonough reiterated a Buy rating with a price target of $64 on June 25. This analyst has an accuracy rate of 71%.</li>
</ul>
Considering buying PRGS stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="514" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23032348/image-167-1024x514.png" alt="" class="wp-image-560475" style="width:677px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23032348/image-167-1024x514.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23032348/image-167-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23032348/image-167-768x385.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23032348/image-167.png 1307w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Top Wall Street Forecasters Revamp Progress Software Price Expectations Ahead Of Q3 Earnings

Ratings for Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) were provided by 7 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $64.43, a high estimate of $68.00, and a low estimate of $55.00. Observing a downward trend, the current average is 0.88% lower than the prior average price target of $65.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1725976810_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Progress Software. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Lucky Schreiner</td>
<td>DA Davidson</td>
<td>Maintains</td>
<td>Buy</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$68.00</td>
<td>$68.00</td>
</tr>
<tr>
<td>Daniel Ives</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Outperform</td>
<td>$68.00</td>
<td>$67.00</td>
</tr>
<tr>
<td>Lucky Schreiner</td>
<td>DA Davidson</td>
<td>Maintains</td>
<td>Buy</td>
<td>$65.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Ittai Kidron</td>
<td>Oppenheimer</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$66.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Brent Thill</td>
<td>Jefferies</td>
<td>Lowers</td>
<td>Hold</td>
<td>$55.00</td>
<td>$60.00</td>
</tr>
<tr>
<td>Raymond McDonough</td>
<td>Guggenheim</td>
<td>Maintains</td>
<td>Buy</td>
<td>$64.00</td>
<td>$64.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Progress Software. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Progress Software compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Progress Software's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Progress Software's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/PRGS/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Progress Software analyst ratings.</a>
<h2>All You Need to Know About Progress Software</h2>
Progress Software Corporation is a provider of cloud-based security solutions to large-and mid-sized organizations in a wide range of industries. Its product includes OpenEdge; Chef; Developer Tools; Kemp LoadMaster; MOVEit; DataDirect; WhatsUp Gold; Sitefinity; Flowmon and Corticon. The company derives revenue from perpetual licenses to its products, but some products also use term licensing models. Its cloud-based offerings use a subscription-based model. A majority of the firm's revenue is generated in the United States and it also has presence in Canada, the Middle East, and Africa (EMEA), Latin America, and Asia Pacific.
<h3>Progress Software: A Financial Overview</h3>
Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.
Negative Revenue Trend: Examining Progress Software's financials over 3 months reveals challenges. As of 31 May, 2024, the company experienced a decline of approximately -1.78% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Net Margin: Progress Software's net margin excels beyond industry benchmarks, reaching 9.25%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Progress Software's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 3.75%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 1.03%, the company showcases effective utilization of assets.
Debt Management: With a high debt-to-equity ratio of 2.03, Progress Software faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>The Significance of Analyst Ratings Explained</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 7 Analyst Evaluations For Progress Software

DA Davidson analyst Lucky Schreiner maintains Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) with a Buy and maintains $65 price target.

DA Davidson Maintains Buy on Progress Software, Maintains $65 Price Target

Wedbush analyst Daniel Ives reiterates Progress Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) with a Outperform and maintains $68 price target.

Reiteration

Wedbush Reiterates Outperform on Progress Software, Maintains $68 Price Target

Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) shares are trading lower on Monday. The company entered a definitive deal to acquire ShareFile for $875 million, in a combination of cash <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40770280/progress-to-acquire-sharefile" rel="noreferrer noopener">and an existing revolving credit facility</a>.
ShareFile offers SaaS-native, AI-powered document-centric collaboration for sectors including business services, financial services, healthcare, and construction.
ShareFile is expected to contribute over $240 million in annual revenue and add more than 86,000 customers to Progress.
The acquisition is expected to close within Progress&#8217; fiscal year, ending November 30, 2024, pending regulatory approvals and other customary closing conditions.
Yogesh Gupta, CEO of Progress. &#8220;ShareFile fits strategically with Progress&#8217; Digital Experience portfolio to enable organizations to deliver more effective client and team collaboration while simplifying the secure sharing of documents and other content.&#8221;
Dividend Suspension: Progress&#8217; Board of Directors has approved suspending the quarterly dividend upon closing the ShareFile acquisition.
The capital will be redirected to debt repayment, increasing liquidity for future M&amp;A and share repurchases.
Outlook: Progress expects its third-quarter revenue and adjusted EPS outlook to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39489852/progress-announces-second-quarter-2024-financial-results" rel="noreferrer noopener">meet or exceed the high end of the prior guidance</a> for revenue of $174 million- $178 million and adjusted EPS of $1.11 &#8211; $1.15. The analyst consensus is <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$175.9 million for revenue and $1.14 for adjusted EPS.</a>
Progress&nbsp;plans to release financial results for its third quarter&nbsp;results after the <a target="_blank" href="https://www.benzinga.com//node/40770319" rel="noreferrer noopener">market closes on&nbsp;Tuesday, September 24, 2024.</a>
Investors can gain exposure to the stock via&nbsp;Small Cap US Equity Select ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNSC#NASDAQ">RNSC</a>).
Price Action: PRGS shares are down 1.59% at $56.74 at the last check Monday.
Image from Shutterstock
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