Progress Software Corporation (NASDAQ:PRGS), a global software solutions company yesterday reported its fiscal second-quarter 2016 financial results. Progress reported second quarter earnings of $0.14 per share which beat analyst expectations of $0.10 per share. Progress reported second quarter revenues of $96.1 million.
Progress Software Corporation CEO’s Comments
Phil Pead, CEO at Progress, said:
We are pleased with our second quarter performance. We had another solid quarter from our OpenEdge partners, strong growth from our data products and increased momentum in our Telerik bookings. We also announced our Digital Factory solutions during the quarter, which will enable us to take advantage of the longer-term growth opportunities available in the digital transformation market. Business Wire
PRGS Technical Analysis
PRGS opened trading yesterday at $25.02 which was up from the previous days trading of $24.76. PRGS closed trading yesterday at $25.19 and spiked up after market to $26.50, equivalent to a 5% increase from the closing price. Taking a look at the daily chart we can see the last time PRGS traded above these levels was on June 23rd when it traded at $26.76. Taking a closer look at the daily chart we can see that PRGS has been in an overall upward trend dating back to February 11th when it traded at $22.32. PRGS has a float of 42.46 million shares and traded right at the normal daily trading volume on Wednesday. For trading purposes, I would like to see PRGS open trading on Thursday above $26.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 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 mobile 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 Telerik Dev Tools, a design, quality assurance, debugging, and reporting suite; Telerik Dev Cloud, a cloud-based application design, deployment, hosting, and testing suite; Telerik Platform, an end-to-end application lifecycle solution; Telerik ALM, an application lifecycle management suite for testing Web, mobile, and desktop applications; Telerik Sitefinity, a Web content management and customer analytics platform; Progress Rollbase, a software that allows the creation of SaaS business applications; and Modulus Node.js and MongoDB cloud platforms that help in the development of business and consumer 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. The company was founded in 1981 and is headquartered in Bedford, Massachusetts. Yahoo Finance