Progress Software Stock Still Has Some Upside

Progress Software Stock Still Has Some Upside

We believe that Progress Software stock (NASDAQ: PRGS) has an upside potential of 11% post pandemic, as business IT spending recovers to pre-corona levels. Progress Software, provider of solutions for developing and deploying business applications, trades near $40 currently and it has lost 3% in value year-to-date. It traded at a pre-Covid high of $44 in February, and is 10% below that level now. Also, PRGS stock has gained 33% from the low of $30 seen in March 2020, after the multi-billion dollar stimulus package announced by the U.S. government has helped stock prices recover to some extent. That said, the stock is lagging the broader markets by a wide margin, despite positive investor sentiment toward the software industry in general due to no direct Covid-19 impact. This could be