Progress Software (NASDAQ:PRGS) Releases Q3 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its third quarter 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 $110.86 million.Progress Software also updated its FY 2019 guidance to $2.52-2.57 EPS.

A number of brokerages recently issued reports on PRGS. Zacks Investment Research raised Progress Software from a hold rating to a strong-buy rating and set a $51.00 price objective for the company in a report on Thursday, April 4th. ValuEngine raised Progress Software from a hold rating to a buy rating in a report on Saturday, March 30th. BidaskClub lowered Progress Software from a strong-buy rating to a buy rating in a report on Wednesday. Finally, Wedbush increased their price objective 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 assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $43.00.

NASDAQ PRGS traded up $0.77 on Thursday, reaching $40.63. 372,921 shares of the stock traded hands, compared to its average volume of 436,868. The stock’s fifty day moving average price is $41.89. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $1.77 billion, a P/E ratio of 19.08 and a beta of 0.78. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.08. The firm had revenue of $103.48 million during the quarter, compared to analyst estimates of $98.20 million. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the company posted $0.60 EPS. Research analysts predict that Progress Software will post 2.09 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid 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 was Friday, May 31st. Progress Software’s payout ratio is currently 29.11%.

In other news, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction 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 completion of the sale, the insider now owns 31,948 shares in the company, valued at approximately $1,453,634. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John R. Egan sold 20,000 shares of the stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the sale, the director now owns 73,206 shares of the company’s stock, valued at approximately $3,312,571.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 86,695 shares of company stock valued at $3,918,650. 1.70% of the stock is currently 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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