Progress (PRGS) Helps Developers With Latest R2 2023 Release
Progress Software PRGS recently announced the R2 2023 release of Progress Telerik and Progress Kendo UI for .NET and JavaScript app development. The release aims to assist developers in addressing the modern digital requirements enterprises face when providing the best possible employee and customer experience.
The release includes new components, such as Conversational UI for .NET MAUI, PivotGrid for Blazor, PDF Viewer for Angular and .NET MAUI and Progress KendoReact spreadsheet.
It also includes performance optimizations, such as Grid performance enhancements and support for .NET 8 Preview, enabling faster data delivery and processing.
Apart from improved performance, the release features increased adaptability and cross-platform delivery, as well as efficient UI styling and customization.
Progress Software Corporation Price and Consensus
Progress Software Corporation price-consensus-chart | Progress Software Corporation Quote
Per an article by IDC, the average enterprise is expected to generate 41% of its revenues from digital products and services by 2027. Utilizing Progress’ portfolio of UI components, developers can quickly deliver a powerful UI for apps and digital experiences without compromising on quality.
Portfolio Strength Drives Progress’ Prospects
Progress has been benefiting from a strong portfolio with a robust adoption rate for its Chef, OpenEdge, DataDirect, as well as Loadmaster, MOVEit, Sitefinity and Flowmon products. In first-quarter fiscal 2023, the net retention rate was 102%.
In first-quarter fiscal 2023, its non-GAAP revenues increased 12.3% year over year to $165.6 million. Software license revenues were $57.6 million, up 34.7% year over year.
Enterprises have been benefiting from Progress' UI libraries and tools for different types of app development projects, such as academic research, business, everyday use and difficult text.
Its acquisition of MarkLogic has further strengthened its portfolio. Leveraging MarkLogic’s multi-model NoSQL database, along with robust semantic metadata management and AI capabilities, Progress enables its customers to derive significant value from complex data.
Progress anticipates its second-quarter fiscal 2023 non-GAAP revenues between $168 million and $172 million. Non-GAAP earnings are expected to be in the range of 88-92 cents per share.
The Zacks Consensus Estimate for revenues is pegged at $170.31 million, suggesting growth of 12.88% from the year-ago quarter’s reported figure.
The consensus mark for earnings is currently pegged at 90 cents per share, unchanged since the last 30 days.
Zacks Rank & Stocks to Consider
Progress currently has a Zacks Rank #4 (Sell). The stock has gained 21.3% year to date, compared with the Zacks Computer & Technology sector’s rise of 36.7% over the same time frame.
Some better-ranked stocks worth considering in the broader Computer & Technology sector are Meta Platforms META, NVIDIA NVDA and ServiceNow NOW, each of which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Meta Platforms shares have gained 127.1% year to date. The long-term earnings growth rate for META is projected at 21.93%.
NVIDIA shares have gained 194.2% year to date. NVDA’s long-term earnings growth rate is projected at 23.02%.
ServiceNow’s shares have gained 46.1% year to date. NOW’s long-term earnings growth rate is projected at 25.18%.
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