Progress Software PRGS is slated to release its third-quarter fiscal 2022 results on Sep 27.
For the fiscal third quarter, revenues are expected to be in the range of $147-$150 million. Non-GAAP earnings are anticipated between 96 cents and 98 cents per share.
The Zacks Consensus Estimate for fiscal third-quarter revenues is pegged at $148.01 million, suggesting a 3.01% decline from the year-ago quarter’s levels.
The consensus mark for earnings has been steady at 97 cents per share in the past 30 days, suggesting a 17.8% decline from the figure reported in the year-ago quarter.
Progress’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, delivering an earnings surprise of 22.52%, on average.
Progress Software Corporation Price and EPS Surprise
Progress Software Corporation price-eps-surprise | Progress Software Corporation Quote
Progress is benefiting from its strong portfolio and a solid contribution from Kemp. Moreover, strong contributions from DataDirect, DevTools, OpenEdge and Sitefinity products have driven top-line growth in the to-be-reported quarter.
The company is expanding its portfolio with the launch of Chef cloud security product and MOVEit 2022. Progress’ expanded clientele is a positive with the net retention rate remaining more than 100% in recent quarters.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Progress has an Earnings ESP of +0.26% and carries a Zacks Rank #3, at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Cadence Design CDNS has an Earnings ESP of +0.41% and sports a Zacks Rank #1, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cadence shares are down 0.4% year to date.
National Instruments NATI has an Earnings ESP of +2.75% and a Zacks Rank #1.
National shares have declined 5.6% on a year-to-date basis.
Lattice Semiconductor LSCC has an Earnings ESP of +9.43% and a Zacks Rank #3.
Lattice shares are down 27.4% year to date.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Progress Software Corporation (PRGS) : Free Stock Analysis Report
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