Progress Software (NASDAQ:PRGS) Releases Q3 2020 After-Hours Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its third quarter 2020
After-Hours earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.69-0.71 for the period, compared to the Thomson Reuters consensus estimate of $0.64. The company issued revenue guidance of $104-109 million, compared to the consensus revenue estimate of $105.18 million.Progress Software also updated its FY 2020
After-Hours guidance to 2.82-2.86 EPS.

Shares of NASDAQ PRGS opened at $37.60 on Friday. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 36.86 and a beta of 1.10. The business has a 50-day moving average of $38.83 and a 200-day moving average of $39.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.19 and a quick ratio of 1.19. Progress Software has a fifty-two week low of $28.09 and a fifty-two week high of $52.50.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, June 25th. The software maker reported $0.63 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.01). The company had revenue of $102.51 million during the quarter, compared to the consensus estimate of $99.17 million. Progress Software had a net margin of 10.81% and a return on equity of 34.91%. Progress Software’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. On average, sell-side analysts expect that Progress Software will post 2.38 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.76%. The ex-dividend date was Friday, May 29th. Progress Software’s payout ratio is 28.82%.

Several equities research analysts recently issued reports on PRGS shares. TheStreet upgraded shares of Progress Software from a c+ rating to a b rating in a research note on Tuesday, May 5th. Benchmark raised their target price on shares of Progress Software from $39.00 to $43.00 and gave the company a buy rating in a research note on Friday. BidaskClub downgraded shares of Progress Software from a hold rating to a sell rating in a research note on Tuesday, June 23rd. Wedbush cut their target price on shares of Progress Software from $58.00 to $42.00 and set an outperform rating for the company in a research note on Friday, March 27th. Finally, Zacks Investment Research downgraded shares of Progress Software from a buy rating to a hold rating in a research note on Saturday, May 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $46.60.

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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