$146.52 Million in Sales Expected for Progress Software Co. (NASDAQ:PRGS) This Quarter

Donna B. Jones

Equities analysts expect that Progress Software Co. (NASDAQ:PRGSGet Rating) will announce $146.52 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Progress Software’s earnings, with the highest sales estimate coming in at $146.64 million and the lowest estimate coming in at $146.40 million. Progress Software reported sales of $129.20 million during the same quarter last year, which indicates a positive year over year growth rate of 13.4%. The firm is expected to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Progress Software will report full-year sales of $613.35 million for the current fiscal year, with estimates ranging from $613.30 million to $613.40 million. For the next fiscal year, analysts expect that the firm will report sales of $644.68 million, with estimates ranging from $643.96 million to $645.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Progress Software.

Progress Software (NASDAQ:PRGSGet Rating) last issued its quarterly earnings results on Tuesday, March 29th. The software maker reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. Progress Software had a return on equity of 39.08% and a net margin of 14.40%. The company had revenue of $147.51 million during the quarter, compared to analysts’ expectations of $139.24 million. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year.

Several research firms recently commented on PRGS. StockNews.com started coverage on Progress Software in a report on Thursday, March 31st. They issued a “strong-buy” rating on the stock. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, Citigroup raised their price target on Progress Software from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, March 30th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Buy” and an average target price of $56.00.

PRGS opened at $49.97 on Thursday. The stock has a market capitalization of $2.19 billion, a PE ratio of 27.92, a P/E/G ratio of 7.29 and a beta of 1.07. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.21 and a current ratio of 1.21. Progress Software has a one year low of $41.68 and a one year high of $53.99. The business’s 50 day moving average price is $47.51 and its 200 day moving average price is $46.60.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.40%. Progress Software’s dividend payout ratio is currently 39.11%.

In other Progress Software news, Director Charles Francis Kane sold 5,000 shares of the business’s stock in a transaction on Wednesday, April 27th. The stock was sold at an average price of $46.23, for a total value of $231,150.00. Following the completion of the transaction, the director now directly owns 83,208 shares in the company, valued at approximately $3,846,705.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Domenic Lococo sold 1,756 shares of the business’s stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $49.08, for a total value of $86,184.48. Following the completion of the transaction, the chief accounting officer now owns 1,647 shares of the company’s stock, valued at $80,834.76. The disclosure for this sale can be found here. Insiders have sold a total of 23,159 shares of company stock valued at $1,102,044 over the last 90 days. Insiders own 3.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. purchased a new stake in shares of Progress Software during the 1st quarter valued at $28,000. First Trust Advisors LP grew its stake in shares of Progress Software by 861.2% during the 1st quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock valued at $5,290,000 after buying an additional 106,818 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Progress Software during the 1st quarter valued at $164,000. Morgan Stanley boosted its position in Progress Software by 83.5% during the 2nd quarter. Morgan Stanley now owns 215,564 shares of the software maker’s stock worth $9,970,000 after purchasing an additional 98,118 shares during the period. Finally, Advisor Group Holdings Inc. lifted its holdings in Progress Software by 34.6% in the 3rd quarter. Advisor Group Holdings Inc. now owns 1,820 shares of the software maker’s stock worth $90,000 after buying an additional 468 shares in the last quarter. Institutional investors own 99.46% of the company’s stock.

Progress Software Company Profile (Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

Featured Articles

Get a free copy of the Zacks research report on Progress Software (PRGS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Want More Great Investing Ideas?

Receive News & Ratings for Progress Software Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Progress Software and related companies with MarketBeat.com’s FREE daily email newsletter.

Source link

Next Post

How Snowflake plans to make Data Cloud a de facto standard

When Frank Slootman took ServiceNow Inc. public, many people undervalued the company, positioning it as just a better help desk tool. It turns out the firm actually had a massive total available market expansion opportunity in information technology service management, human resources, logistics, security, marketing and customer service management. NOW’s […]

Subscribe US Now