Progress Software Corp. (PRGS) Releases Q4 Earnings Guidance
Progress Software Corp. (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Monday. 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.
Several research firms have issued reports on PRGS. Wedbush restated a hold rating and set a $24.00 target price on shares of Progress Software Corp. in a research note on Sunday, June 26th. JMP Securities reaffirmed a hold rating on shares of Progress Software Corp. in a research report on Sunday, July 3rd. TheStreet raised shares of Progress Software Corp. from a hold rating to a buy rating in a research report on Thursday, June 30th. Zacks Investment Research raised shares of Progress Software Corp. from a hold rating to a buy rating and set a $31.00 price target for the company in a research report on Thursday, July 7th. Finally, Ladenburg Thalmann lowered shares of Progress Software Corp. from a buy rating to a neutral rating in a research report on Tuesday, September 13th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Progress Software Corp. presently has an average rating of Hold and a consensus price target of $28.38.
Progress Software Corp. (NASDAQ:PRGS) traded up 1.35% during midday trading on Monday, reaching $27.70. 179,238 shares of the company traded hands. Progress Software Corp. has a 1-year low of $22.01 and a 1-year high of $29.80. The stock has a market capitalization of $1.35 billion, a P/E ratio of 161.05 and a beta of 1.14. The firm has a 50-day moving average of $28.27 and a 200-day moving average of $27.04.
Progress Software Corp. (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.01. The business earned $102 million during the quarter, compared to analyst estimates of $104.72 million. Progress Software Corp. had a return on equity of 12.08% and a net margin of 2.15%. Progress Software Corp.’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. On average, analysts predict that Progress Software Corp. will post $1.59 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Tuesday, November 29th.
In other Progress Software Corp. news, major shareholder Praesidium Investment Manageme sold 900,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $28.11, for a total value of $25,299,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of PRGS. Citadel Advisors LLC increased its stake in shares of Progress Software Corp. by 198.0% in the second quarter. Citadel Advisors LLC now owns 42,935 shares of the company’s stock valued at $1,179,000 after buying an additional 28,526 shares in the last quarter. KCG Holdings Inc. purchased a new stake in Progress Software Corp. during the second quarter worth approximately $252,000. University of Notre Dame du Lac increased its stake in Progress Software Corp. by 40.7% in the second quarter. University of Notre Dame du Lac now owns 78,869 shares of the company’s stock worth $2,166,000 after buying an additional 22,809 shares during the period. Paradigm Asset Management Co. LLC increased 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 worth $460,000 after buying an additional 2,500 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Progress Software Corp. by 854.4% in the second quarter. Riverhead Capital Management LLC now owns 135,729 shares of the company’s stock worth $11,492,000 after buying an additional 121,507 shares during the period. 92.65% of the stock is owned by institutional investors and hedge funds.
Progress Software Corp. Company Profile
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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