Progress Software Corp. (PRGS) Updates Q4 Earnings Guidance
Progress Software Corp. (NASDAQ:PRGS) issued an update on its fourth quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.55-0.58 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.56. The company issued revenue guidance of $123-126 million, compared to the consensus revenue estimate of $122.52 million.
Progress Software Corp. (NASDAQ:PRGS) opened at 27.37 on Wednesday. The firm has a 50-day moving average of $28.20 and a 200-day moving average of $27.11. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 159.13 and a beta of 1.14. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80.
Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. The firm had revenue of $102 million for the quarter, compared to analyst estimates of $104.72 million. During the same quarter last year, the firm earned $0.39 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. Equities research analysts anticipate that Progress Software Corp. will post $1.59 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.83%.
A number of research analysts have recently issued reports on the stock. TheStreet upgraded shares of Progress Software Corp. from a hold rating to a buy rating in a research note on Thursday, June 30th. Benchmark Co. reiterated a buy rating and set a $31.00 price target on shares of Progress Software Corp. in a research note on Tuesday. Wedbush reiterated a neutral rating and set a $24.00 price target on shares of Progress Software Corp. in a research note on Tuesday. Zacks Investment Research upgraded shares of Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price target on the stock in a research note on Thursday, July 7th. Finally, Ladenburg Thalmann lowered shares of Progress Software Corp. from a buy rating to a neutral rating in a research note on Tuesday, September 13th. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $28.38.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $28.11, for a total transaction of $25,299,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. acquired a new stake in Progress Software Corp. during the second quarter valued at approximately $126,000. Sei Investments Co. raised its stake in Progress Software Corp. by 221.5% in the second quarter. Sei Investments Co. now owns 5,105 shares of the company’s stock valued at $140,000 after buying an additional 3,517 shares in the last quarter. KCG Holdings Inc. acquired a new stake in Progress Software Corp. during the second quarter valued at approximately $252,000. BlackRock Inc. raised its stake in Progress Software Corp. by 137.3% in the second quarter. BlackRock Inc. now owns 12,051 shares of the company’s stock valued at $331,000 after buying an additional 6,973 shares in the last quarter. Finally, Paradigm Asset Management Co. LLC raised its stake in Progress Software Corp. by 17.5% in the second quarter. Paradigm Asset Management Co. LLC now owns 16,750 shares of the company’s stock valued at $460,000 after buying an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.
About Progress Software Corp.
Progress Software Corporation is a global software company. The Company offers solutions in the development, deployment and management of business applications on premise or in the cloud, on platforms or devices, to various data sources. The Company operates through three segments: OpenEdge; Data Connectivity and Integration, and Application Development and Deployment.
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