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.
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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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