Progress Software (NASDAQ:PRGS) Issues FY19 Earnings Guidance

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Progress Software (NASDAQ:PRGS) issued an update on its FY19 earnings guidance on Thursday morning. The company provided EPS guidance of $2.52-2.57 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.51. The company issued revenue guidance of $422-428 million, compared to the consensus revenue estimate of $423.08 million.Progress Software also updated its FY 2019 guidance to $2.52-2.57 EPS.

PRGS traded up $0.77 during trading on Thursday, hitting $40.63. The company had a trading volume of 372,921 shares, compared to its average volume of 436,868. The stock has a market capitalization of $1.77 billion, a P/E ratio of 19.08 and a beta of 0.78. Progress Software has a one year low of $30.23 and a one year high of $47.60. The stock has a 50-day moving average of $41.89. 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 (NASDAQ:PRGS) last posted its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 EPS for the quarter, beating the consensus estimate of $0.57 by $0.08. The business had revenue of $103.48 million for the quarter, compared to analysts’ expectations of $98.20 million. Progress Software had a net margin of 15.27% and a return on equity of 30.57%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. Equities research analysts predict that Progress Software will post 2.09 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a $0.155 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.62 annualized dividend and a yield of 1.53%. Progress Software’s dividend payout ratio is currently 29.11%.

Several brokerages have commented on PRGS. BidaskClub cut shares of Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday. ValuEngine cut shares of Progress Software from a buy rating to a hold rating in a research report on Monday, June 3rd. Zacks Investment Research cut shares of Progress Software from a strong-buy rating to a hold rating in a research report on Thursday, May 30th. Finally, Wedbush boosted their price target on shares of Progress Software from $36.00 to $42.00 and gave the stock a neutral rating in a research report on Friday, March 29th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $43.00.

In other news, Director John R. Egan sold 45,000 shares of the business’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the transaction, the director now directly owns 73,206 shares in the company, valued at approximately $3,295,002.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony Murphy sold 932 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $45.99, for a total transaction of $42,862.68. The disclosure for this sale can be found here. Insiders have sold a total of 86,695 shares of company stock worth $3,918,650 over the last three months. Insiders own 1.70% of the company’s stock.

Progress Software Company Profile

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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