Hot Tech stock to watch: Progress Software Corp (NASDAQ: PRGS)

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Progress Software Corp (NASDAQ: PRGS) stock rose 5.04% on January 16th, 2020 and continued its bullish momentum on January 17th, 2020 rising over 3.4% (As of 10:44 am GMT-5; Source: Google finance) after the company has beaten the earnings estimate for the fourth quarter of FY 19. The company has reported a fourth-quarter loss of $4.7 million, compared to net income of $8.6 million in the year-ago period. The company has generated Cash, cash equivalents and short-term investments were $173.7 million at the end of the fourth quarter.

in the fourth quarter of FY 19 has reported the adjusted earnings per share of 79 cents, beating the analysts’ estimates for the adjusted earnings per share of 75 cents. The company had reported the adjusted revenue growth of 26 percent to $117 million in the fourth quarter of FY 19, missing the analysts’ estimates for revenue of $118.3 million.

Additionally, the company has declared a quarterly dividend of $0.165 per share of common stock that will be paid on March 16, 2020 to shareholders of record as of the close of business on March 2, 2020. Further, the company has increased the total share repurchase authorization from the $75 million remaining on the previous authorization to $250 million.

Progress expects adjusted earnings to be in the range of 69 cents to 71 cents a share on revenue expected to be in the range of $110 million to $113 million for the first quarter, and $2.87 to $2.92 is expects revenue to be in the range of $448 million to $455 million for the year. Analysts surveyed by FactSet projects the earnings to be of 64 cents a share on revenue projected to be of $103.9 million for the first quarter, and $2.84 a share on revenue of $436.7 million for the year.

Meanwhile, PRGS has announced the upcoming retirement of its Chief Financial Officer, Paul Jalbert, and the appointment of Anthony Folger to succeed him. Jalbert, will retire as CFO of the company on January 31, 2020. Folger will join PRGS as CFO on January 31, 2020 and Jalbert will remain with the company until April 2020 to assist Folger in the transition

On the other hand, during the company had announced the newest release of Progress Telerik tools for .NET developers. After this, PRGS delivers full day-zero support for .NET Core 3.0 RC (release candidate) across the entire Progress Telerik product line. In addition, Progress expands Progress Telerik UI for Blazor tool, offering more than 25 native UI components, including Grid, Charts, DropDownList, Inputs, Date Inputs, Layout, TreeView, and Styling.

 

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