Progress Software (NASDAQ:PRGS) Updates FY18 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY18 earnings guidance on Wednesday. The company provided EPS guidance of $2.29-2.35 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.91. The company issued revenue guidance of $399-404 million, compared to the consensus revenue estimate of $400.69 million.Progress Software also updated its Q1 guidance to $0.46-0.48 EPS.

A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Progress Software from a hold rating to a strong-buy rating and set a $60.00 price target on the stock in a research note on Thursday, January 18th. Benchmark reissued a buy rating and issued a $47.00 price target (up previously from $42.00) on shares of Progress Software in a research note on Tuesday, January 2nd. Finally, ValuEngine downgraded Progress Software from a buy rating to a hold rating in a research note on Friday, December 1st. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average target price of $46.33.

Shares of Progress Software (PRGS) opened at $49.66 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.27 and a quick ratio of 1.27. Progress Software has a 1 year low of $27.44 and a 1 year high of $53.60. The company has a market cap of $2,340.68, a price-to-earnings ratio of 64.49 and a beta of 0.65.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.13. Progress Software had a net margin of 9.41% and a return on equity of 21.25%. The business had revenue of $116.30 million during the quarter, compared to analysts’ expectations of $114.33 million. During the same quarter in the prior year, the company earned $0.62 EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. research analysts expect that Progress Software will post 1.95 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Wednesday, February 28th. Progress Software’s dividend payout ratio is currently 72.73%.

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About Progress Software

Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.

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