Progress Software (NASDAQ:PRGS) Releases Q3 2019 Earnings Guidance

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Progress Software (NASDAQ:PRGS) issued an update on its third quarter 2019 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.68-0.70 for the period, compared to the Thomson Reuters consensus estimate of $0.66. The company issued revenue guidance of $109-112 million, compared to the consensus revenue estimate of $110.9 million.Progress Software also updated its FY 2019 guidance to $2.52-2.57 EPS.

PRGS traded up $0.77 during midday trading on Thursday, hitting $40.63. The company had a trading volume of 372,921 shares, compared to its average volume of 436,868. Progress Software has a 52 week low of $30.23 and a 52 week high of $47.60. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.35. The stock has a market cap of $1.77 billion, a P/E ratio of 19.08 and a beta of 0.78. The stock’s 50 day simple moving average is $41.98.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, March 28th. The software maker reported $0.39 earnings per share 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 the consensus estimate of $87.64 million. During the same period last year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts forecast that Progress Software will post 2.09 EPS for the current fiscal year.

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

A number of brokerages have issued reports on PRGS. Zacks Investment Research downgraded shares of Progress Software from a strong-buy rating to a hold rating in a research report on Thursday, May 30th. ValuEngine raised shares of Progress Software from a hold rating to a buy rating in a report on Saturday, March 30th. Wedbush increased their price target on shares of Progress Software from $36.00 to $42.00 and gave the stock a neutral rating in a report on Friday, March 29th. Finally, BidaskClub lowered shares of Progress Software from a strong-buy rating to a buy rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and an average target price of $43.00.

In related news, Director John R. Egan sold 45,000 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $45.01, for a total value of $2,025,450.00. Following the transaction, the director now owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anthony Murphy sold 932 shares of the firm’s stock in a transaction that occurred on 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. Over the last 90 days, insiders have sold 86,695 shares of company stock valued at $3,918,650. 1.70% of the stock is owned by company insiders.

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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