DA Davidson analyst Lucky Schreiner raised the firm’s price target on Progress Software to $70 from $65 and keeps a Buy rating on the shares after its Q3 earnings beat. The company delivered another good quarter highlighted by its recent announcement to acquire ShareFile, and its management remains confident that despite the slightly larger than typical acquisition size, it can deliver on bringing ShareFile operating margins up to its goal of 40%, the analyst tells investors in a research note. ShareFile is also differentiated in the value it provides to more complex and regulated industries as a part of their critical workflows, the firm added.
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