Progress Software (PRGS) Issues FY18 Earnings Guidance
Progress Software (NASDAQ:PRGS) issued an update on its FY18 earnings guidance on Wednesday morning. 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.
Shares of Progress Software (NASDAQ:PRGS) traded down $0.05 during trading hours on Wednesday, reaching $43.67. 315,106 shares of the company were exchanged, compared to its average volume of 370,450. The company has a market capitalization of $2,090.00, a PE ratio of -40.44 and a beta of 0.65. Progress Software has a 12-month low of $27.16 and a 12-month high of $44.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.27 and a quick ratio of 1.27.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.28%. Progress Software’s dividend payout ratio is presently -51.85%.
PRGS has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Progress Software from a hold rating to a buy rating and set a $41.00 price objective for the company in a report on Friday, September 15th. Benchmark reiterated a buy rating and issued a $42.00 price objective (up from $34.00) on shares of Progress Software in a report on Wednesday, September 13th. ValuEngine cut shares of Progress Software from a buy rating to a hold rating in a report on Friday, December 1st. Finally, Wedbush restated a neutral rating and set a $32.00 price target on shares of Progress Software in a report on Monday, September 18th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $40.33.
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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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