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Progress' (PRGS) fourth-quarter fiscal 2023 results benefit from strong subscription license revenues and robust demand for OpenEdge and MarkLogic offerings.

Progress Software Corporation (PRGS) Q4 2023 Earnings Call Transcript

Although the revenue and EPS for Progress Software (PRGS) give a sense of how its business performed in the quarter ended November 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Progress Software (PRGS) came out with quarterly earnings of $1.02 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $1.12 per share a year ago.

BURLINGTON, Mass., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that it will release financial results for its fiscal fourth quarter and fiscal year 2023 after the market close on Tuesday, January 16, 2024.

U.S. securities regulators have opened a probe into the MOVEit mass-hack that has exposed the personal data of at least 64 million people, according to the company that made the affected software. In a regulatory filing this week, Progress Software confirmed it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) seeking “various documents and information” relating to the MOVEit vulnerability.

Progress Software (PRGS) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.

Progress' (PRGS) third-quarter fiscal 2023 results benefit from strong subscription license revenues and robust demand for OpenEdge and MarkLogic offerings.

Progress Software specializes in developing software products and platforms for businesses. Around 70% of the income comes from the maintenance of the developed software, which provides recurring revenue and high gross margins. Despite being at all-time highs, PRGS expects excellent growth this year, so the valuation could provide a return of 15% annually in the next 5 years.

Progress Software Corporation (NASDAQ:PRGS ) Q3 2023 Earnings Conference Call September 26, 2023 5:00 PM ET Company Participants Michael Micciche - Vice President, Investor Relations Yogesh Gupta - Chief Executive Officer Anthony Folger - Chief Financial Officer Conference Call Participants Ray McDonough - Guggenheim Securities Antonio Venturim - Jefferies Ittai Kidron - Oppenheimer Operator Good day and welcome to the Progress Software Corporation Q3 2023 Earnings Call. At this time, all participants are in a listen-only mode.