BURLINGTON, Mass. - Progress (NASDAQ:PRGS), a provider of AI-powered infrastructure software, announced the release of an enhanced Flowmon platform, aimed at improving network observability with faster IP address indexing capabilities. The latest update to the Flowmon platform is designed to expedite IP searches by up to ten times, enabling network administrators to quickly pinpoint network activities linked to specific IP addresses.
The introduction of IP Address Indexing is expected to significantly cut down the time required for data analysis and troubleshooting, which is crucial for maintaining optimal network performance and robust protection. Progress emphasizes that the ability to conduct near-immediate searches for IP address data is essential for IT professionals to efficiently troubleshoot networks.
The growth of network size and the corresponding increase in telemetry data often result in longer search times and slower threat-hunting efforts. The new solution by Progress promises to deliver much faster IP search query results, thereby reducing the time needed for in-depth data analysis and effective troubleshooting.
In addition to speed enhancements, the update brings improved usability and streamlined workflows. Flowmon now prioritizes IP Conversation in its statistics for immediate insights into network interactions. The Analysis chart has also been updated to allow for selective toggling of network performance monitoring metrics.
Furthermore, Flowmon has introduced flexible event reporting with Syslog messages over Transmission Control Protocol (TCP), ensuring more targeted and reliable event reporting to designated IP addresses.
The update is part of a series of major performance and scalability enhancements to the Flowmon AI-powered Network Detection and Response & Network Visibility offerings. This development is set to aid network administrators and cybersecurity professionals in rapidly identifying network activities associated with specific IP addresses.
Progress, which serves over 4 million developers and technologists at numerous enterprises, continues to focus on providing solutions that enable organizations to manage applications and experiences with agility. The company's Flowmon solution is part of its broader suite of infrastructure management tools designed to address the challenges of hybrid cloud ecosystems.
The information in this article is based on a press release statement from Progress. For further details on the latest release of the Flowmon platform, interested parties can visit the Flowmon website.
In other recent news, Progress Software (NASDAQ:PRGS) Corporation has reported a successful third quarter in 2024, with earnings and revenue that exceeded expectations. The company announced a 2% year-over-year increase in revenue, reaching $179 million, and a significant 17% growth in earnings per share (EPS) to $1.26. The company's robust financial performance is further highlighted by an increase in Annual Recurring Revenue (ARR) to $582 million and a maintained net retention rate of 99%.
Progress Software is expanding its product offerings with the planned acquisition of ShareFile from Cloud Software Group for $875 million. This acquisition is anticipated to finalize by the end of fiscal 2024. The company expects this move to contribute between $18 million and $20 million to Q4 revenue, with an operating margin of 15% to 20%.
Citi updated its financial outlook for Progress Software, increasing the price target to $65.00 from the previous $60.00, while maintaining a Neutral rating on the stock. The analyst highlighted the company's disciplined cost management and timing of expenses, which resulted in increases in operating profit margin and free cash flow margin. Despite the initial impact on free cash flow due to the ShareFile acquisition, the company projects positive adjusted free cash flow by 2025.
InvestingPro Insights
Progress Software Corporation (NASDAQ:PRGS) has been making strides in the AI-powered infrastructure software market, as evidenced by its recent Flowmon platform enhancement. This focus on innovation aligns with the company's strong financial performance and market position.
According to InvestingPro data, Progress has demonstrated impressive financial metrics. The company boasts a robust gross profit margin of 86.28% for the last twelve months as of Q3 2024, reflecting its ability to maintain high profitability in its core operations. This aligns with one of the InvestingPro Tips, which highlights Progress's "impressive gross profit margins."
The company's revenue growth of 6.05% over the same period indicates steady expansion, which is crucial in the competitive software industry. This growth trajectory supports another InvestingPro Tip suggesting that "net income is expected to grow this year."
Progress's market capitalization stands at $2.89 billion, positioning it as a significant player in the software sector. The stock has shown strong performance, with a 15.67% price return over the past month and a 33.79% return over the last six months, as of the latest data. This upward momentum is reflected in the InvestingPro Tip noting a "strong return over the last three months."
For investors considering Progress Software, it's worth noting that InvestingPro offers 12 additional tips for PRGS, providing a more comprehensive analysis of the company's prospects and potential risks.
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