Progress Software Corporation (NASDAQ:PRGS)
Progress Software Corporation (PRGS), a global company that provides software solutions for various industries yesterday reported their fiscal second quarter 2017 financial results.
Progress reported second quarter net income of $10.3 million. Progress reported second quarter adjusted earnings of $0.42 per share. Progress reported second quarter revenues of $93.2 million.
Progress Software Corporation CEO and CFO Comments
“I’m pleased that our Q2 revenue and earnings per share were above our expectations, and we continued to strengthen our core businesses with several key product releases during the quarter,” said Yogesh Gupta, CEO at Progress. “And I’m excited about our future prospects as we focus on the very large and growing market opportunity for development platforms. Our recent acquisition of Kinvey, the top-ranked leader in ‘The Forrester Wave’ for Mobile Development Platforms, combined with our unique mobile and web development tools, machine learning capabilities, and unmatched data connectivity products, offer the best-of-breed product portfolio for building and running modern mission-critical business applications.”
Paul Jalbert, CFO at Progress, said: “The financial performance of our core business in the first-half, coupled with our continued strong cash flow generation, has enabled us to meaningfully raise our annual guidance for earnings per share, operating margin and free cash flow. We remain confident in our strategy and financial strength, and look forward to a solid second-half of the year.” Business Wire
PRGS Technical Analysis
PRGS opened trading yesterday at $30.26 which was up from the previous day’s trading close of $30.08. PRGS closed trading yesterday at $30.82 and spiked up after market to $32.70, equivalent to a 6% increase from the closing price. Taking a look at the daily chart we can see that we are in unchartered territory as with the spike up PRGS is now trading at all time highs.
Taking a closer look at the daily chart we can see that before the spike up PRGS had already been in an overall upward trend dating back to March 21st when it traded at $27.68. PRGS has a float of 42.61 million shares and traded 1.21 times the normal daily trading volume on Wednesday.
For trading purposes, I would like to see PRGS open trading on Thursday above $32.00 or the VWAP and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. Its 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; and Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities.
The company’s Data Connectivity and Integration segment provides Progress DataDirect Connect software, which offers data connectivity using industry-standard interfaces to connect applications running on various platforms; and Progress DataDirect Cloud, a software-as-a-service (SaaS) based connection management service that simplifies SQL access to a spectrum of cloud-based data sources through a single standards-based interface.
Its Application Development and Deployment segment offers Dev Tools, a design, quality assurance, debugging, and reporting suite; NativeScript, an open-source application development platform; Dev Cloud, a cloud-based application design, deployment, hosting, and testing suite; Telerik Platform, an end-to-end application lifecycle solution; Test Studio, an application lifecycle management suite for testing Web, mobile, and desktop applications; Sitefinity, a Web content management and customer analytics platform; and Progress Rollbase, a software that allows the creation of SaaS business applications.
The company also provides project management, implementation, custom development, programming, and other services, as well as services to Web-enable applications; and training services. It sells its products directly to end-users, as well as indirectly to application partners, original equipment manufacturers, and system integrators. Progress Software Corporation was founded in 1981 and is headquartered in Bedford, Massachusetts.