Progress Software (NASDAQ:PRGS) issued an update on its second quarter 2020
After-Hours earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.60-0.64 for the period, compared to the Thomson Reuters consensus estimate of $0.67. The company issued revenue guidance of $95-101 million, compared to the consensus revenue estimate of $107.47 million.Progress Software also updated its FY 2020
After-Hours guidance to 2.73-2.80 EPS.
Several equities research analysts have commented on the stock. Benchmark reaffirmed a buy rating on shares of Progress Software in a research note on Monday. ValuEngine upgraded shares of Progress Software from a sell rating to a hold rating in a report on Friday, March 13th. BidaskClub cut shares of Progress Software from a buy rating to a hold rating in a research note on Thursday, March 5th. Finally, Zacks Investment Research cut shares of Progress Software from a buy rating to a hold rating in a research note on Thursday, March 19th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $53.00.
Shares of NASDAQ PRGS traded up $1.61 during midday trading on Thursday, reaching $34.85. The stock had a trading volume of 1,088,287 shares, compared to its average volume of 469,608. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 60.09 and a beta of 0.89. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 1.18. The company’s 50 day moving average price is $38.13 and its 200 day moving average price is $40.72.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, January 16th. The software maker reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.04. The firm had revenue of $123.42 million for the quarter, compared to the consensus estimate of $118.30 million. Progress Software had a net margin of 6.39% and a return on equity of 32.03%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.76 EPS. Equities analysts forecast that Progress Software will post 2.48 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.165 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 1.89%. Progress Software’s dividend payout ratio is currently 28.82%.
Progress Software announced that its Board of Directors has approved a share buyback plan on Thursday, January 16th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the software maker to reacquire up to 11.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Charles Francis Kane sold 7,500 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $44.91, for a total value of $336,825.00. Following the transaction, the director now directly owns 78,243 shares of the company’s stock, valued at approximately $3,513,893.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul A. Jalbert sold 12,209 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $46.35, for a total transaction of $565,887.15. Following the completion of 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. In the last quarter, insiders sold 20,417 shares of company stock valued at $936,696. Company insiders own 1.70% of the company’s stock.
About Progress Software
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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