Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results


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Progress Software (NASDAQ:PRGS) announced its quarterly earnings data on Wednesday. The software maker reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.13, MarketWatch Earnings reports. Progress Software had a return on equity of 33.98% and a net margin of 13.12%. The business had revenue of $129.06 million during the quarter, compared to analyst estimates of $118.77 million. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis.

Shares of PRGS traded down $4.32 during mid-day trading on Friday, reaching $44.49. The company’s stock had a trading volume of 35,813 shares, compared to its average volume of 329,090. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 35.76 and a beta of 1.02. Progress Software has a 1 year low of $28.09 and a 1 year high of $52.50. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.74. The business has a fifty day moving average of $43.45 and a 200 day moving average of $38.86.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Shareholders of record on Monday, March 1st will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.57%. Progress Software’s payout ratio is 30.57%.

PRGS has been the subject of a number of research reports. Wedbush raised their target price on shares of Progress Software from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, October 27th.

About Progress Software

Progress Software Corporation develops business applications. The company operates through 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; MOVEit that provides secure collaboration and automated file transfers of critical business information; WhatsUp Gold, a network monitoring solution; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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Earnings History for Progress Software (NASDAQ:PRGS)

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