PRGS
Brought some PRGS today at $54.99. here is what I like.
1) PRGS reported earnings on Monday and earned $1.40 adjusted, which was above their previous guidance of $1.28-1.34, and exceeded analyst estimates of $1.30 as well. They raised expectations for the FY as well from $5.25-5.37 to $5.28-5.40, my guess is the stock fell because the market felt they did not raise the estimates enough. Although They are always conservative my guess is earnings will north of $5.5 this FY and north of $6 next. A software company like this should receive a 15 multiple hence why I feel FV will be around $90 over the 6-12 months.
2) PRGS is very oversold with RSI in the 23 range and near recent lows, so I feel your getting oversold condition, after a quality earnings report, at a very reasonable valuation for the space.
Conclusion: I think PRGS is very attractive at current levels and I will look to add more on weakness (Surprise it is already down from my purchase price) To get a stock that is oversold, after a quality earnings beat, trading at a reasonable, perhaps significantly discounted valuation for the space, near it’s recent lows, seems like a good risk/reward to me here, where there are so few stocks
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