Buying the dip on PRGS
Updated
Nasdaq's sharp drop is creating a few buying opportunities in tech, but I think you have to be choosy. One that I like is Progress Software, which is sitting at 200 EMA support and near trend line support, with a forward P/E of 12 and a 1.8% dividend yield. Progress is fairly innovative, with 3 patents per year per billion dollars of market cap, and it's a growing company, with about 3% annual earnings and free cash flow growth. It's trading at about a 14% discount to its median earnings date price multiple of the last 4 years, and about a 37% discount to the average annual price target.
Sentiment on Progress is positive. Put/call ratio is bullish at .43, and it just launched a new product (latest release of Kendo UI, with lots of new features) just this morning. The analyst rating score is 8.9/10, a strong buy. Earnings outlook is positive. Here's the presser on the Kendo UI launch:
investors.progress.com/news-releases/news-release-details/100-native-ui-components-angular-and-60-new-enhancements-now
Sentiment on Progress is positive. Put/call ratio is bullish at .43, and it just launched a new product (latest release of Kendo UI, with lots of new features) just this morning. The analyst rating score is 8.9/10, a strong buy. Earnings outlook is positive. Here's the presser on the Kendo UI launch:
investors.progress.com/news-releases/news-release-details/100-native-ui-components-angular-and-60-new-enhancements-now
Note
"Average annual price target" was supposed to be "average analyst price target."
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