Progress Software (NASDAQ:PRGS) issued an update on its third quarter earnings guidance on Thursday morning. 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 $105.05 million.Progress Software also updated its FY 2020
After-Hours guidance to 2.82-2.86 EPS.
Several equities analysts have recently issued reports on the company. BidaskClub lowered Progress Software from a hold rating to a sell rating in a research note on Tuesday. Wedbush decreased their price target on Progress Software from $58.00 to $42.00 and set an outperform rating on the stock in a research note on Friday, March 27th. TheStreet upgraded Progress Software from a c+ rating to a b rating in a research note on Tuesday, May 5th. Zacks Investment Research lowered Progress Software from a buy rating to a hold rating in a research note on Saturday, May 30th. Finally, Benchmark reiterated a buy rating on shares of Progress Software in a research note on Monday, March 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Progress Software presently has an average rating of Hold and an average target price of $49.40.
Shares of NASDAQ:PRGS traded up $1.12 during midday trading on Thursday, reaching $37.81. The company’s stock had a trading volume of 769,246 shares, compared to its average volume of 414,899. The firm has a market capitalization of $1.68 billion, a price-to-earnings 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 firm has a 50 day moving average price of $38.84 and a two-hundred day moving average price of $39.64. Progress Software has a fifty-two week low of $28.09 and a fifty-two week high of $52.50.
Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, June 25th. The software maker reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.09. The company had revenue of $102.51 million for the quarter, compared to the consensus estimate of $99.17 million. Progress Software had a return on equity of 35.31% and a net margin of 8.79%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 EPS. As a group, research analysts anticipate that Progress Software will post 2.38 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Friday, May 29th. Progress Software’s payout ratio is 28.82%.
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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