Progress Software (NASDAQ:PRGS) updated its first quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.46-0.48 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.38. The company issued revenue guidance of $90-93 million, compared to the consensus revenue estimate of $91.95 million.Progress Software also updated its FY18 guidance to $2.29-2.35 EPS.
Several equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Progress Software from a buy rating to a hold rating in a research note on Friday, September 29th. ValuEngine downgraded shares of Progress Software from a buy rating to a hold rating in a research report on Friday, December 1st. Finally, Benchmark reissued a buy rating and set a $47.00 target price (up from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Progress Software presently has an average rating of Hold and an average price target of $40.33.
Progress Software (NASDAQ PRGS) traded up $1.67 during trading hours on Wednesday, hitting $52.36. 713,000 shares of the stock traded hands, compared to its average volume of 638,640. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2,550.00, a P/E ratio of 68.00 and a beta of 0.65. Progress Software has a one year low of $27.16 and a one year high of $52.85.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend is Wednesday, February 28th. Progress Software’s dividend payout ratio (DPR) is presently 72.73%.
Progress Software declared that its board has authorized a stock repurchase program on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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Progress Software Company Profile
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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