Progress Software (NASDAQ:PRGS) Updates FY 2020 After-Hours Earnings Guidance

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Progress Software (NASDAQ:PRGS) updated its FY 2020
After-Hours earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.94-2.97 for the period, compared to the Thomson Reuters consensus estimate of $2.96. The company issued revenue guidance of $452-456 million, compared to the consensus revenue estimate of $454.89 million.Progress Software also updated its Q4 guidance to $0.76-0.79 EPS.

Shares of PRGS opened at $36.68 on Thursday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.29 and a quick ratio of 1.29. Progress Software has a 1 year low of $28.09 and a 1 year high of $52.50. The firm has a market cap of $1.64 billion, a PE ratio of 35.96 and a beta of 1.03. The stock’s fifty day moving average price is $36.48 and its two-hundred day moving average price is $36.61.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Saturday, October 3rd. The software maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Progress Software had a return on equity of 34.66% and a net margin of 10.81%. The company had revenue of $110.88 million for the quarter, compared to analyst estimates of $107.17 million. During the same period in the previous year, the company posted $0.75 EPS. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. Sell-side analysts anticipate that Progress Software will post 2.54 earnings per share for the current fiscal year.

Several equities analysts recently commented on PRGS shares. Zacks Investment Research upgraded Progress Software from a hold rating to a strong-buy rating and set a $42.00 target price for the company in a research report on Friday, September 11th. ValuEngine cut Progress Software from a hold rating to a sell rating in a research report on Monday, August 3rd. Benchmark boosted their target price on Progress Software from $39.00 to $43.00 and gave the stock a buy rating in a research report on Friday, June 26th. BidaskClub upgraded Progress Software from a strong sell rating to a sell rating in a research report on Wednesday, September 23rd. Finally, Wedbush restated an outperform rating and set a $45.00 target price on shares of Progress Software in a research report on Wednesday, August 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. Progress Software has an average rating of Buy and an average target price of $45.75.

Progress Software Company Profile

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 and Estimates for Progress Software (NASDAQ:PRGS)

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