Progress Software (PRGS) Releases Quarterly Earnings Results, Beats Expectations By $0.13 EPS
Progress Software (NASDAQ:PRGS) announced its earnings results on Wednesday. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.54 by $0.13, Bloomberg Earnings reports. The business had revenue of $116.30 million during the quarter, compared to the consensus estimate of $114.33 million. Progress Software had a net margin of 11.48% and a return on equity of 11.42%. Progress Software’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 EPS. Progress Software updated its Q1 guidance to $0.46-0.48 EPS and its FY18 guidance to $2.29-2.35 EPS.
Progress Software (PRGS) traded up $6.88 during mid-day trading on Thursday, reaching $50.55. 1,919,420 shares of the company were exchanged, compared to its average volume of 558,715. The firm has a market cap of $2,420.00, a PE ratio of 65.65 and a beta of 0.65. Progress Software has a twelve month low of $27.16 and a twelve month high of $51.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.27.
The business 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 dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.11%. Progress Software’s dividend payout ratio is 72.73%.
Progress Software declared that its board has initiated a share buyback program on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of analysts have issued reports on PRGS shares. Zacks Investment Research downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, November 29th. Benchmark restated a “buy” rating and issued a $42.00 target price (up from $34.00) on shares of Progress Software in a research report on Wednesday, September 13th. ValuEngine cut shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Wedbush restated a “neutral” rating and issued a $32.00 target price on shares of Progress Software in a research report on Monday, September 18th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Progress Software presently has a consensus rating of “Hold” and a consensus price target of $40.33.
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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