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

Progress Software (NASDAQ:PRGS) announced its quarterly earnings data on Wednesday, January 10th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.13, Bloomberg Earnings reports. The business had revenue of $116.30 million for 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%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $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) opened at $49.66 on Friday. 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 company has a market capitalization of $2,311.46 and a P/E ratio of 29.49. Progress Software has a twelve month low of $27.44 and a twelve month high of $53.60.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be issued a dividend of $0.14 per share. The ex-dividend date is Wednesday, February 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.13%. Progress Software’s dividend payout ratio is presently 72.73%.

PRGS has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $47.00 target price (up previously from $42.00) on shares of Progress Software in a report on Tuesday, January 2nd. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, November 29th. Finally, ValuEngine lowered Progress Software from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $46.33.

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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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