Progress Software Corp. (PRGS) Releases Q4 Earnings Guidance
Progress Software Corp. (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.55-0.58 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.56. The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $122.52 million.
A number of analysts have recently issued reports on the company. Zacks Investment Research cut Progress Software Corp. from a buy rating to a hold rating in a research report on Wednesday, August 31st. Ladenburg Thalmann cut Progress Software Corp. from a buy rating to a neutral rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. JMP Securities restated a hold rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. TheStreet upgraded Progress Software Corp. from a hold rating to a buy rating in a research report on Thursday, June 30th. Finally, Wedbush boosted their price objective on Progress Software Corp. from $22.00 to $24.00 and gave the company a neutral rating in a research report on Friday, June 24th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Progress Software Corp. presently has a consensus rating of Hold and a consensus price target of $28.38.
Shares of Progress Software Corp. (NASDAQ:PRGS) traded up 1.35% during mid-day trading on Monday, reaching $27.70. The company’s stock had a trading volume of 179,238 shares. Progress Software Corp. has a 52-week low of $22.01 and a 52-week high of $29.80. The firm has a 50 day moving average price of $28.27 and a 200 day moving average price of $27.04. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 161.05 and a beta of 1.14.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/progress-software-corp-prgs-releases-q4-earnings-guidance.html
Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by $0.01. Progress Software Corp. had a net margin of 2.15% and a return on equity of 12.08%. The company had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same period last year, the company posted $0.39 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities analysts predict that Progress Software Corp. will post $1.59 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, November 29th. This represents a $0.50 annualized dividend and a yield of 1.81%.
In related news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Investment Management LLC boosted its position in shares of Progress Software Corp. by 5.6% in the second quarter. BlackRock Investment Management LLC now owns 225,602 shares of the company’s stock valued at $6,195,000 after buying an additional 11,982 shares during the period. BlackRock Inc. boosted its stake in Progress Software Corp. by 137.3% in the second quarter. BlackRock Inc. now owns 12,051 shares of the company’s stock worth $331,000 after buying an additional 6,973 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Progress Software Corp. by 2.2% in the second quarter. BlackRock Fund Advisors now owns 3,316,697 shares of the company’s stock worth $91,076,000 after buying an additional 72,321 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Progress Software Corp. by 2.0% in the second quarter. Alliancebernstein L.P. now owns 81,391 shares of the company’s stock worth $2,235,000 after buying an additional 1,600 shares during the last quarter. Finally, AXA boosted its stake in Progress Software Corp. by 3.6% in the second quarter. AXA now owns 134,000 shares of the company’s stock worth $3,680,000 after buying an additional 4,700 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.
About Progress Software Corp.
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
Receive News & Ratings for Progress Software Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software Corp. and related companies with MarketBeat.com's FREE daily email newsletter.