11:53 AM EDT, 09/25/2024 (MT Newswires) -- Progress Software ( PRGS ) is expected to continue its strong performance after its fiscal Q3 beats, with a stable deal flow for its products across its customer base sustaining the momentum, Wedbush said in a note Wednesday.

The company's pipeline stability, along with the potential integration of ShareFile into its operations to increase efficiencies and generate stronger bottomline returns, supports its move to raise its fiscal 2024 guidance, the investment firm said.

Progress Software ( PRGS ) expects ShareFile to add one month of contribution to fiscal 2024 after closing the acquisition, resulting in $18 million to $20 million in revenue and 15% to 20% in operating margin, according to Wedbush.

Wedbush maintained its outperform rating on the stock while raising its price target to $70 from $68.

Shares of Progress Software ( PRGS ) were up nearly 12% in recent trading.

Price: 63.91, Change: +6.76, Percent Change: +11.83