Progress Software (NASDAQ:PRGS) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Progress Software (NASDAQ:PRGS) released its quarterly earnings data on Thursday. The software maker reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07, RTT News reports. The firm had revenue of $115.52 million during the quarter, compared to the consensus estimate of $110.83 million. Progress Software had a return on equity of 30.71% and a net margin of 13.30%. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 earnings per share.

PRGS traded up $1.42 on Thursday, hitting $41.93. The company had a trading volume of 470,950 shares, compared to its average volume of 394,836. The stock has a fifty day moving average price of $39.03 and a 200-day moving average price of $41.30. Progress Software has a 12-month low of $30.23 and a 12-month high of $47.60. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 19.69 and a beta of 0.81.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.57%. This is a positive change from Progress Software’s previous quarterly dividend of $0.16. Progress Software’s payout ratio is 29.11%.

Several analysts recently weighed in on PRGS shares. Zacks Investment Research downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Thursday. Benchmark upgraded Progress Software from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Wednesday, July 17th. BidaskClub upgraded Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. ValuEngine downgraded Progress Software from a “buy” rating to a “hold” rating in a report on Monday, June 3rd. Finally, National Securities set a $50.00 price objective on Progress Software and gave the company a “buy” rating in a report on Friday, June 28th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $49.25.

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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Earnings History for Progress Software (NASDAQ:PRGS)

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