Progress Software Gets IBD Stock Upgrade With 90+ Composite Rating

On Tuesday, Progress Software (PRGS) got an upgrade for its IBD SmartSelect Composite Rating from 93 to 96.


The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength.

Progress Software stock is currently forming a flat base, with a 48.40 buy point. Look for the stock to break out in volume at least 40% above average. Keep in mind that earnings is due Thursday, September 23, so a new buy would be risky.

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The stock has an 88 EPS Rating, meaning its recent quarterly and longer-term annual earnings growth is outpacing 88% of all stocks.

Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.

The company reported a 30% earnings gain for Q2. That means it’s now delivered four straight quarters of rising EPS growth. Top line growth increased 22%, up from 11% in the prior quarter. The company has now posted accelerating growth in each of the last four reports.

Progress Software stock holds the No. 3 rank among its peers in the Computer Software-Database industry group. Dropbox (DBX) is the No. 1-ranked stock within the group.


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