11:20 AM EDT, 03/27/2024 (MT Newswires) -- Progress Software ( PRGS ) is "well-positioned" to pursue mergers and acquisitions "with significant capital within its arsenal and a disciplined investment strategy," Wedbush said Wednesday in a report.

The company is poised "to generate further profitable growth with a demand environment and deal pipeline that continues to stabilize while remaining disciplined with managing the macro backdrop," Wedbush said.

Wedbush expects the company to report fiscal Q2 earnings of $0.96 a share on revenue of $168.1 million.

Progress Software's ( PRGS ) fiscal Q2 outlook was "disappointing" due to the effects of multiyear renewals skewing results, the report said.

Wedbush maintained its outperform rating on Progress Software ( PRGS ) and kept its $67 price target on the stock.

Shares of the company fell 0.8% in recent trading Wednesday. JPMorgan cut it price target on Progress Software ( PRGS ) to $63 from $65 and kept its overweight rating.

Price: 52.21, Change: -0.44, Percent Change: -0.84