Progress Software (NASDAQ:PRGS) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.46-0.48 for the period, compared to the Thomson Reuters consensus estimate of $0.38. The company issued revenue guidance of $90-93 million, compared to the consensus revenue estimate of $91.95 million.Progress Software also updated its FY18 guidance to $2.29-2.35 EPS.
Several research analysts have recently issued reports on the company. Benchmark reaffirmed a buy rating and issued a $47.00 price objective (up previously from $42.00) on shares of Progress Software in a research note on Tuesday, January 2nd. Zacks Investment Research downgraded Progress Software from a buy rating to a hold rating in a research note on Saturday, September 23rd. Wedbush reaffirmed a neutral rating and issued a $32.00 price objective on shares of Progress Software in a research note on Monday, September 18th. Finally, ValuEngine cut Progress Software from a buy rating to a hold rating in a report on Friday, December 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $40.33.
Progress Software (NASDAQ PRGS) opened at $50.55 on Friday. The stock has a market capitalization of $2,420.00, a P/E ratio of 65.65 and a beta of 0.65. Progress Software has a twelve month low of $27.16 and a twelve month high of $51.63. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.28.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date is Wednesday, February 28th. Progress Software’s payout ratio is 72.73%.
Progress Software declared that its board has initiated a share repurchase program on Wednesday, September 27th that allows the company to buyback $159.00 million in outstanding shares. This buyback authorization allows the software maker to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
WARNING: This piece of content was reported by Community Financial News and is the property of of Community Financial News. If you are reading this piece of content on another domain, it was copied illegally and republished in violation of international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.com-unik.info/2018/01/12/progress-software-prgs-releases-q1-earnings-guidance.html.
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.
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.