27.4 C
New York
Saturday, June 25, 2022

Progress Software Corp. (PRGS) Stock on the Rise Following Promising Q3 2021 Financial Reports

Progress Software Corp. (PRGS) stock prices were up by 2.21% as of the market closing on September 23rd, 2021. This brought the price per share up to USD$46.21 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 8.16%, bringing it up to USD$49.98.

PRGS Stock Raises Guidance

PRGS stock reported third-quarter fiscal 2021 results that substantially exceeded the company’s previous guidance for revenue and earnings. Accordingly, the company is raising its guidance for the 2021 year for the third time. Further consolidating this promising progress was the signing of a definitive agreement to acquire Kemp. Kemp is a leader in the Application Experience (AX) space and meets all of the company’s acquisition criteria. This development sees the collaboration with a very talented team that fits perfectly with the company’s total growth strategy.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free.

Sponsored


Promising Financials

The company reported a solid liquidity position as of the end of the third quarter of fiscal 2021. PRGS stock disclosed cash, cash equivalents, and short-term investments in the amount of USD$383.7 million. The transaction to acquire Kemp Technologies has been valued at USD$258 million. DSO was up to 54 days, up from the 49 days reported in the prior-year quarter. The second fiscal quarter of 2021 saw the company report a DSO of 44 days. Evidencing the company’s promise, the Board of Directors approved a quarterly dividend on September 21st, 2021. The dividend will be USD$0.175 per share of common stock and will be paid on December 15th, 2021. Eligibility for the dividends will be determined by being a shareholder of record as of the close of business on December 1st, 2021.

Revenue Breakdown

PRGS stock reported revenues in the amount of USD$147.4 million for the third quarter of fiscal 2021. This represents a 34% year-over-year increase on an actual currency basis. On a constant currency basis, the third quarter of the fiscal represented a year over year increase of 33%. Diluted earnings per share came out to USD$0.70, up 32% from the USD$0.53 reported in the prior-year quarter.

Future Outlook for PRGS Stock

The third quarter of fiscal 2021 proved to be a promising one for PRGS stock, as evidenced by the strength of its financial reports. The company is keen to continue leveraging the combined resources of Kemp Technologies in an effort to usher in unprecedented growth. Current and potential investors are hopeful that this will translate into significant and sustained increases in shareholder value.

Latest news

Related news

LEAVE A REPLY

Please enter your comment!
Please enter your name here

2839

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

The 5 Best Growth Stocks 2022

100% free. stop anytime no spam