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.
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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