Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) released its quarterly earnings results on Wednesday. The software maker reported $0.91 earnings per share for the quarter, beating the 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 firm had revenue of $129.06 million for the quarter, compared to analysts’ expectations of $118.77 million. During the same quarter last year, the firm posted $0.79 EPS. The company’s revenue was up 4.6% compared to the same quarter last year.

Shares of PRGS stock traded down $4.50 during trading hours on Friday, reaching $44.31. The company’s stock had a trading volume of 16,523 shares, compared to its average volume of 329,090. The stock has a market capitalization of $2.00 billion, a P/E ratio of 35.76 and a beta of 1.02. Progress Software has a one year low of $28.09 and a one year high of $52.50. The firm’s fifty day simple moving average is $43.45 and its 200 day simple moving average is $38.86. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.74.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Stockholders of record on Monday, March 1st will be given a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.58%. Progress Software’s dividend payout ratio is currently 30.57%.

Several research firms have weighed in on PRGS. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Tuesday, October 27th. Wedbush raised their price objective on Progress Software from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Friday.

Progress Software Company Profile

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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