Progress Software (NASDAQ:PRGS) Releases FY 2020 After-Hours Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY 2020
After-Hours earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.73-2.80 for the period, compared to the Thomson Reuters consensus estimate of $2.86. The company issued revenue guidance of $428-438 million, compared to the consensus revenue estimate of $448.51 million.Progress Software also updated its Q2 2020
After-Hours guidance to 0.60-0.64 EPS.

Shares of NASDAQ:PRGS traded up $1.61 during trading on Thursday, hitting $34.85. 1,088,287 shares of the stock were exchanged, compared to its average volume of 469,608. The company has a fifty day moving average price of $38.13 and a two-hundred day moving average price of $40.72. The company has a market cap of $1.47 billion, a PE ratio of 60.09 and a beta of 0.89. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.86. Progress Software has a 12-month low of $28.09 and a 12-month high of $52.50.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Thursday, January 16th. The software maker reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.04. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The firm had revenue of $123.42 million during the quarter, compared to the consensus estimate of $118.30 million. During the same period in the prior year, the firm earned $0.76 EPS. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. Equities research analysts anticipate that Progress Software will post 2.48 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend was Friday, February 28th. Progress Software’s dividend payout ratio is 28.82%.

Progress Software declared that its board has initiated a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire up to 11.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

A number of equities analysts have commented on PRGS shares. BidaskClub lowered shares of Progress Software from a buy rating to a hold rating in a research report on Thursday, March 5th. ValuEngine raised shares of Progress Software from a sell rating to a hold rating in a research note on Friday, March 13th. Zacks Investment Research downgraded shares of Progress Software from a buy rating to a hold rating in a research note on Thursday, March 19th. Finally, Benchmark reissued a buy rating on shares of Progress Software in a research report on Monday. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $53.00.

In other Progress Software news, CFO Paul A. Jalbert sold 708 shares of Progress Software stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $48.00, for a total transaction of $33,984.00. Following the transaction, the chief financial officer now directly owns 34,896 shares of the company’s stock, valued at approximately $1,675,008. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul A. Jalbert sold 12,209 shares of Progress Software stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $46.35, for a total transaction of $565,887.15. Following the transaction, the chief financial officer now directly owns 28,839 shares in the company, valued at $1,336,687.65. The disclosure for this sale can be found here. Insiders sold a total of 20,417 shares of company stock worth $936,696 in the last 90 days. Corporate insiders own 1.70% of the company’s stock.

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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