Progress Software (NASDAQ:PRGS) Issues Q3 2021 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its third quarter 2021 earnings guidance on Thursday morning. The company provided EPS guidance of $0.810-$0.830 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.850. The company issued revenue guidance of $129 million-$132 million, compared to the consensus revenue estimate of $132.05 million.Progress Software also updated its FY 2021 guidance to $3.460-$3.500 EPS.

Shares of PRGS stock traded down $0.67 during trading hours on Thursday, reaching $45.53. 4,448 shares of the company’s stock were exchanged, compared to its average volume of 285,909. The business’s 50 day moving average price is $45.60. The stock has a market cap of $1.99 billion, a P/E ratio of 28.17, a price-to-earnings-growth ratio of 7.78 and a beta of 1.26. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 1.48. Progress Software has a fifty-two week low of $34.05 and a fifty-two week high of $49.23.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, June 23rd. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.09. The business had revenue of $129.20 million for the quarter, compared to the consensus estimate of $121.99 million. Progress Software had a return on equity of 37.43% and a net margin of 15.58%. The business’s quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.63 earnings per share. On average, equities research analysts forecast that Progress Software will post 2.93 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend is Tuesday, August 31st. Progress Software’s payout ratio is presently 26.12%.

A number of brokerages have recently weighed in on PRGS. Oppenheimer began coverage on shares of Progress Software in a report on Wednesday, July 14th. They set an outperform rating and a $54.00 price objective on the stock. Zacks Investment Research lowered shares of Progress Software from a buy rating to a hold rating in a report on Thursday. Finally, Guggenheim began coverage on shares of Progress Software in a report on Tuesday, June 8th. They set a buy rating and a $56.00 price objective on the stock.

In other Progress Software news, SVP Jeremy Segal sold 761 shares of the company’s stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $43.62, for a total value of $33,194.82. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Progress Software Company Profile

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; and WhatsUp Gold, a network monitoring solution.

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