Progress Software (NASDAQ:PRGS) Issues FY19 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY19 earnings guidance on Thursday. 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.

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. Benchmark upgraded shares of Progress Software from a hold rating to a buy rating and set a $49.00 target price on the stock in a research report on Wednesday. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a research report on Thursday, July 4th. Wedbush restated a buy rating and set a $36.00 target price on shares of Allena Pharmaceuticals in a research report on Tuesday, July 2nd. 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.

PRGS traded down $0.78 on Friday, reaching $41.25. 290,822 shares of the company’s stock were exchanged, compared to its average volume of 423,856. The company’s 50 day simple moving average is $41.27. The company has a market capitalization of $1.88 billion, a P/E ratio of 19.37 and a beta of 0.77. Progress Software has a twelve month low of $30.23 and a twelve month high of $47.60. The company has a current ratio of 1.00, a quick 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, equities research analysts forecast that Progress Software will post 2.16 earnings per share for the current fiscal 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.

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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