Progress Software (PRGS) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

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.

Earnings History for Progress Software (NASDAQ:PRGS)

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