Progress Software (NASDAQ:PRGS) released its quarterly earnings results on Wednesday, January 10th. The software maker reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.13, Bloomberg Earnings reports. The firm had revenue of $116.30 million during the quarter, compared to analysts’ expectations of $114.33 million. Progress Software had a return on equity of 21.25% and a net margin of 9.41%. Progress Software’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. Progress Software updated its Q1 guidance to $0.46-0.48 EPS and its FY18 guidance to $2.29-2.35 EPS.
Progress Software (NASDAQ:PRGS) traded up $0.15 during mid-day trading on Wednesday, hitting $52.51. The company had a trading volume of 684,872 shares, compared to its average volume of 642,836. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.27 and a current ratio of 1.27. The firm has a market cap of $2,550.00, a price-to-earnings ratio of 68.19 and a beta of 0.65. Progress Software has a twelve month low of $27.44 and a twelve month high of $53.60.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.07%. The ex-dividend date is Wednesday, February 28th. Progress Software’s dividend payout ratio is currently 72.73%.
Progress Software announced that its board has initiated a stock buyback plan on Wednesday, September 27th that permits the company to buyback $159.00 million in outstanding shares. This buyback authorization permits the software maker to purchase up to 8.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
PRGS has been the subject of a number of analyst reports. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, September 28th. ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Benchmark reaffirmed a “buy” rating and issued a $47.00 target price (up from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $40.33.
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About Progress Software
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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