Progress Software Corp. (NASDAQ:PRGS) is one of the best 11 small-cap software infrastructure stocks to buy now.
On July 1, Oppenheimer reduced its target price on the stock from $57 to $50, while reaffirming an Outperform rating based on the company’s impressive performance during the second quarter
Despite the downward revision in the price target, the stock carries an upside potential of over 149%. The firm noted that both topline and profitability figures came in above consensus estimates. It also acknowledged management’s operational discipline, which resulted in expense control and the resulting bottom-line outperformance.
Earlier that day, management reported more than $253 million in second-quarter revenue, compared to consensus forecasts of almost $243 million. The topline beat is attributed to persistent momentum across the company’s AI-enabled solutions, along with elevated demand for its product portfolio. Earlier on June 30, Progress Software Corp. (NASDAQ:PRGS) disclosed that its Progress Chef platform now offers lifecycle management of enterprise and configuration features for NVIDIA DGX Spark.