Progress Software (NASDAQ:PRGS) updated its third quarter 2020
After-Hours earnings guidance on Thursday. The company provided earnings per share guidance of 0.69-0.71 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.64. The company issued revenue guidance of $104-109 million, compared to the consensus revenue estimate of $105.18 million.Progress Software also updated its FY 2020
After-Hours guidance to 2.82-2.86 EPS.
NASDAQ PRGS traded up $1.12 during mid-day trading on Thursday, reaching $37.81. 713,592 shares of the stock were exchanged, compared to its average volume of 286,874. The company has a market capitalization of $1.68 billion, a P/E ratio of 47.29 and a beta of 1.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.19 and a current ratio of 1.19. The business’s 50 day moving average is $38.84 and its 200-day moving average is $39.64. Progress Software has a 1 year low of $28.09 and a 1 year high of $52.50.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, March 26th. The software maker reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. Progress Software had a net margin of 8.79% and a return on equity of 35.31%. The business had revenue of $113.76 million during the quarter, compared to the consensus estimate of $105.20 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The company’s revenue was up 27.0% compared to the same quarter last year. Equities analysts predict that Progress Software will post 2.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.165 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.66 dividend on an annualized basis and a yield of 1.75%. Progress Software’s payout ratio is 28.82%.
Several brokerages have commented on PRGS. Wedbush dropped their price objective on Progress Software from $58.00 to $42.00 and set an outperform rating on the stock in a report on Friday, March 27th. TheStreet raised shares of Progress Software from a c+ rating to a b rating in a report on Tuesday, May 5th. Zacks Investment Research downgraded shares of Progress Software from a buy rating to a hold rating in a report on Saturday, May 30th. BidaskClub cut shares of Progress Software from a hold rating to a sell rating in a research note on Tuesday. Finally, Benchmark reaffirmed a buy rating on shares of Progress Software in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $49.40.
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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