Progress Software (NASDAQ:PRGS) Releases Q3 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.68-0.70 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.66. The company issued revenue guidance of $109 -112 million, compared to the consensus revenue estimate of $110.86 million.Progress Software also updated its FY 2019 guidance to $2.52-2.57 EPS.

Several equities research analysts have commented on the stock. National Securities set a $50.00 target price on shares of Progress Software and gave the stock a buy rating in a research report on Friday, June 28th. Wedbush reiterated a buy rating and issued a $36.00 price objective on shares of Allena Pharmaceuticals in a research report on Tuesday, July 2nd. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a research report on Thursday, July 4th. Zacks Investment Research upgraded shares of SCHNEIDER ELEC /ADR from a hold rating to a buy rating and set a $20.00 price objective on the stock in a research report on Friday, July 5th. Finally, ValuEngine lowered shares of Intersect ENT from a buy rating to a hold rating in a research report on Monday, June 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $47.25.

Shares of NASDAQ PRGS traded down $0.78 on Friday, reaching $41.25. 290,822 shares of the company traded hands, compared to its average volume of 423,856. The firm’s 50 day moving average is $41.27. The company has a market capitalization of $1.88 billion, a PE ratio of 19.37 and a beta of 0.77. Progress Software has a fifty-two week low of $30.23 and a fifty-two week high of $47.60. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.92.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Thursday, June 27th. The software maker reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.17. The firm had revenue of $103.48 million during the quarter, compared to the consensus estimate of $98.20 million. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. As a group, analysts anticipate that Progress Software will post 2.16 earnings per share for the current year.

In other Progress Software news, insider Anthony Murphy sold 932 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $45.99, for a total value of $42,862.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $45.50, for a total transaction of $591,454.50. Following the completion of the sale, the insider now directly owns 31,948 shares of the company’s stock, valued at approximately $1,453,634. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

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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