Progress Software rises after annual forecast raise, Q3 results beat

** Shares of AI-powered software firm Progress Software PRGS rise 3.7% to $44.19 premarket

** Co raises FY adj. revenue forecast to $975 mln - $981 mln vs prior forecast of $962 mln - $974 mln

** Also raises FY adj. EPS forecast to $5.5 - $5.56 vs earlier forecast of $5.28 - $5.40

** Reports Q3 revenue of $249.8 mln and adj. EPS of $1.5, both beating analysts' consensus estimates - data compiled by LSEG

** PRGS reports 47% jump in Q3 annualized recurring revenue (ARR) to $849 mln

** Four of six brokerages rate stock "buy" or higher, two "hold"; median PT is $72.5 - data compiled by LSEG

** Up to last close, stock down 34.6% YTD, compared with 2.8% gain in S&P 600 Small Cap index (.SPCY)