Progress Software (NASDAQ:PRGS) Issues Q3 2019 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its third quarter 2019 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.68-0.70 for the period, compared to the Thomson Reuters consensus estimate of $0.66. The company issued revenue guidance of $109-112 million, compared to the consensus revenue estimate of $110.9 million.Progress Software also updated its FY 2019 guidance to $2.52-2.57 EPS.

A number of equities analysts recently issued reports on the stock. BidaskClub downgraded shares of Progress Software from a strong-buy rating to a buy rating in a report on Wednesday. ValuEngine lowered Progress Software from a buy rating to a hold rating in a research report on Monday, June 3rd. Zacks Investment Research lowered Progress Software from a strong-buy rating to a hold rating in a report on Thursday, May 30th. Finally, Wedbush lifted their price target on Progress Software from $36.00 to $42.00 and gave the stock a neutral rating in a report on Friday, March 29th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Progress Software has an average rating of Hold and an average target price of $43.00.

PRGS stock traded up $0.77 during trading on Thursday, hitting $40.63. 372,921 shares of the company’s stock were exchanged, compared to its average volume of 436,868. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 1.18. Progress Software has a 52-week low of $30.23 and a 52-week high of $47.60. The firm’s 50-day moving average price is $41.98. The firm has a market capitalization of $1.77 billion, a PE ratio of 19.08 and a beta of 0.78.

Progress Software (NASDAQ:PRGS) last released its earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by ($0.08). Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The company had revenue of $89.50 million during the quarter, compared to analyst estimates of $87.64 million. During the same period in the previous year, the firm posted $0.54 EPS. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, equities research analysts predict that Progress Software will post 2.09 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Friday, May 31st. Progress Software’s dividend payout ratio is presently 29.11%.

In other Progress Software news, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $45.50, for a total transaction of $591,454.50. Following the transaction, the insider now owns 31,948 shares of the company’s stock, valued at approximately $1,453,634. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John R. Egan sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $45.25, for a total value of $905,000.00. Following the completion of the sale, the director now directly owns 73,206 shares in the company, valued at approximately $3,312,571.50. The disclosure for this sale can be found here. Insiders sold 86,695 shares of company stock worth $3,918,650 in the last three months. 1.70% of the stock is owned by corporate insiders.

Progress Software Company Profile

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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