BlueStone Capital Partners, L.P. Announces Investment Opinion on Progress Software.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital Partners NEW YORK--(BUSINESS WIRE)--March 13, 2000 Senior Analyst Jean Orr Orr , Robert Gordon Called "Bobby." Born 1948. Canadian-born hockey player. He led the National Hockey League in scoring in 1970 and 1975 and was the first defenseman to score more than 100 points in a season. Noun 1. , CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. of BlueStone Capital initiates coverage on Progress Software (PRGS PRGS Phosphoribosylglycinamide Synthetase ;NASDAQ-$20.63) with a 1-1 Outperform-Outperform rating. The intermediate-term Intermediate-term Typically one-ten years. intermediate-term Of or relating to an investment with an expected holding period somewhere between short-term and long-term. price target is $32.00 and the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. price target is $38.00. Analyst's Summary -- We are initiating coverage of Progress Software Corporation with a 1-1 rating on the stock. Progress is a leading supplier of database management software and application development tools for business computer applications. We expect the company's earnings to grow about 20% per year for the next few years. -- Progress has taken a leadership position in the move to application service providers (ASPs) by providing its independent software vendors (ISVs) with the tools they need to make their applications available as a service. The company has redesigned its database to meet the needs of Web-based applications, has developed tools to migrate applications to the Internet, written new Internet applications, and taken an active role in helping ISVs move to ASPs with its ASPEN program. -- There are over 5,000 applications from over 2,000 ISVs available to run on the PROGRESS database. ISVs account for 70% of Progress's license revenues. This large, diverse distribution channel adds some stability and predictability to the company's revenues. -- The PROGRESS database is a fully featured, competitive database that has been shown to have the lowest total cost of ownership of the leading databases. It is the most popular database in the embedded market. -- Progress has always been known for a strong development tool set and it has enhanced this position with the addition of tools to migrate existing applications to the Internet (WebSpeed) and to write new applications for the Internet (Apptivity). BlueStone Capital Partners, L.P. is a full-service investment banking and brokerage firm that delivers financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to emerging growth and medium-size companies worldwide. BlueStone Capital assists clients in maximizing their growth by providing sophisticated investment strategies that are designed to achieve clients' strategic, operating and financial goals. |
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