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Progress Software: Organic Growth Boost the Revenue

Gabriel Kane

US Equity Market Update for October 1, 2015

(Continued from Prior Part)

Progress Software’s price movement

Progress Software (PRGS) has a market cap of $1.29 billion. Its YTD (year-to-date) performance is mixed with ups and downs in 2015. After the earnings report in 3Q15, Progress Software fell by 0.77% and closed at $25.63 per share as of October 1, 2015, due to the fall in net income in 3Q15. The price movement on a weekly, monthly, and YTD basis is -3.72%, -4.01%, and -5.14%, respectively. It’s trading at -2.10% on a trailing five-day basis.

Technically, Progress Software broke all of the major support. It’s trading below all of the moving day averages. Currently, it’s trading at -3.58% below 20-day moving average, -8.07% below 50-day moving average, and -5.59% below the 200-day moving average.

The PowerShares Dynamic Software Portfolio ETF (PSJ) invests 2.70% of its holdings in Progress Software. PSJ uses a quantitative model to choose US software companies across the market cap spectrum. PSJ’s YTD price movement is -0.49% as of September 30, 2015. The PowerShares S&P SmallCap Information Technology ETF (PSCT) invests 1.16% of its holdings in Progress Software.

Progress Software’s competitors and their market caps are:

  • Adobe Systems (ADBE) – $41.77 billion
  • Red Hat (RHT) – $13.43 billion
  • CA (CA) – $12.08 billion
  • Citrix Systems (CTXS) – $11.27 billion

Progress Software’s performance in 3Q15

The company reported net revenue of $94.637 million in 3Q15—a rise of 6.55% compared to net revenue of $94.637 million in 2Q15. The revenue from software licenses and maintenance and services rose by 10.85% and 4.49% in 3Q15. The company reported net income of -$4.126 million. The current ratio rose to 1.67 in 3Q15—compared to the current ratio of 1.59 in 2Q15.

In 3Q15, some of Progress Software’s key activities are:

  • The company launched two new drivers for its DataDirect enterprise data connectivity suite.
  • Progress Software and Logi Analytics announced the release of Progress OpenEdge Analytics360—a new custom analytics platform to help customers unlock the value of operational data.
  • Progress Software announced the release of Telerik Fiddle—the free web debugging proxy for any browser, system, or platform.

About Progress Software

Progress Software is a software company. It delivers new technology innovation to its customers to improve the development, deployment, integration, and management of business applications in any cloud.

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