Wedbush Remains Sidelined on Progress Software (PRGS) Following New CEO Appointment
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Wedbush reiterated a Neutral rating and $24.00 price target on Progress Software (NASDAQ: PRGS) following the company's announced appointment of Yogesh Gupta as the new CEO, replacing current CEO Phil Pead. Prior to joining PRGS, Mr. Gupta was president and CEO of IT operations software vendor Kaseya, Inc. from 2013 to 2105. Mr. Gupta’s prior experience and shared vision probably caused PRGS to activate and accelerate CEO succession.
Analyst Steve Koenig commented, "Yesterday, after the market close, PRGS announced the appointment of Yogesh Gupta as the new CEO, replacing current CEO Phil Pead. Also, PRGS reiterated its 4Q and FY16 guidance ($415M/$1.60 for FY16 revenue/EPS, at the high end of the range). Mr. Pead has served as the CEO since December 2012 and will continue to serve on the board of directors. Under Mr. Pead’s leadership, PRGS has grown its annual revenue 30% and non-GAAP EPS by 50%, impressive for a 35-year-old company whose flagship products (OpenEdge and DataDirect Connect) are mature. Under his leadership, PRGS initiated a move to target the software development needs of enterprises seeking to transform their marketing to digital. We expect Mr. Gupta to carry this initiative forward, with particular focus on developing PRGS’s go-to-market motion directed at digital marketing/IT executives and developers."
Shares of Progress Software closed at $27.70 yesterday.
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