Progress Software (PRGS) Updates Q2 2019 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its second quarter 2019 earnings guidance on Thursday. The company provided earnings per share guidance of $0.55-0.57 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.57. The company issued revenue guidance of $93-96 million, compared to the consensus revenue estimate of $93.22 million.Progress Software also updated its FY 2019 guidance to $2.46-2.52 EPS.

Several research analysts recently weighed in on the company. Zacks Investment Research raised Progress Software from a hold rating to a strong-buy rating and set a $51.00 target price on the stock in a research report on Thursday, April 4th. Wedbush increased their target price on Progress Software from $36.00 to $42.00 and gave the stock a neutral rating in a research report on Friday, March 29th. Finally, ValuEngine raised Progress Software from a hold rating to a buy rating in a research report on Saturday, March 30th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $43.00.

NASDAQ:PRGS traded down $0.65 during mid-day trading on Friday, hitting $44.65. The company had a trading volume of 439,346 shares, compared to its average volume of 695,229. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 1.18. Progress Software has a 1 year low of $30.23 and a 1 year high of $47.60. The firm has a market capitalization of $1.99 billion, a PE ratio of 20.96 and a beta of 0.72.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Thursday, March 28th. The software maker reported $0.39 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.08). Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The company had revenue of $89.50 million during the quarter, compared to analysts’ expectations of $87.64 million. During the same period last year, the business earned $0.54 earnings per share. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities analysts anticipate that Progress Software will post 2.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.39%. The ex-dividend date is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is presently 29.11%.

In other news, Director John R. Egan sold 45,000 shares of Progress Software stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the sale, the director now directly owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John R. Egan sold 20,000 shares of Progress Software stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $45.25, for a total value of $905,000.00. Following the sale, the director now directly owns 73,206 shares in the company, valued at $3,312,571.50. The disclosure for this sale can be found here. Insiders sold 72,764 shares of company stock worth $3,284,333 over the last three months. 1.70% of the stock is currently owned by corporate insiders.

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About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in 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; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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