Progress Software (NASDAQ:PRGS) Announces Earnings Results, Beats Estimates By $0.13 EPS

Progress Software (NASDAQ:PRGS) issued its quarterly earnings data on Wednesday. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.13, MarketWatch Earnings reports. The firm had revenue of $129.06 million during the quarter, compared to analysts’ expectations of $118.77 million. Progress Software had a net margin of 13.12% and a return on equity of 33.98%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.79 earnings per share.

PRGS traded down $4.91 during trading on Friday, reaching $43.90. The company had a trading volume of 14,181 shares, compared to its average volume of 329,090. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.41 and a quick ratio of 1.41. Progress Software has a 12 month low of $28.09 and a 12 month high of $52.50. The business’s fifty day moving average price is $43.45 and its 200 day moving average price is $38.86. The company has a market cap of $1.98 billion, a P/E ratio of 35.76 and a beta of 1.02.

The business also recently declared a quarterly dividend, which will be paid on Monday, March 15th. Shareholders of record on Monday, March 1st will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.59%. Progress Software’s payout ratio is currently 30.57%.

A number of research analysts recently issued reports on PRGS shares. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, October 27th. Wedbush boosted their price objective on shares of Progress Software from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Friday.

About Progress Software

Progress Software Corporation develops business applications. The company operates through 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; MOVEit that provides secure collaboration and automated file transfers of critical business information; WhatsUp Gold, a network monitoring solution; 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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