Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Progress Software (NASDAQ:PRGS) announced its earnings results on Thursday. The software maker reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01), MarketWatch Earnings reports. The business had revenue of $102.51 million during the quarter, compared to analyst estimates of $99.17 million. Progress Software had a return on equity of 34.91% and a net margin of 10.81%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.65 earnings per share.

Shares of Progress Software stock opened at $37.60 on Friday. The firm has a fifty day moving average of $38.83 and a two-hundred day moving average of $39.60. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 36.86 and a beta of 1.10. Progress Software has a 52 week low of $28.09 and a 52 week high of $52.50. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.19 and a current ratio of 1.19.

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.165 per share. 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 research analysts recently weighed in on the stock. TheStreet upgraded shares of Progress Software from a “c+” rating to a “b” rating in a research report on Tuesday, May 5th. ValuEngine upgraded shares of Progress Software from a “sell” rating to a “hold” rating in a research report on Friday, March 13th. BidaskClub cut shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Tuesday. Wedbush dropped their price objective on shares of Progress Software from $58.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, March 27th. Finally, Benchmark boosted their price objective on shares of Progress Software from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $46.60.

About Progress Software

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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Earnings History for Progress Software (NASDAQ:PRGS)

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