U.S. markets open in 2 hours 22 minutes
  • S&P Futures

    3,682.50
    -26.50 (-0.71%)
     
  • Dow Futures

    29,464.00
    -205.00 (-0.69%)
     
  • Nasdaq Futures

    11,314.50
    -62.25 (-0.55%)
     
  • Russell 2000 Futures

    1,671.60
    -14.50 (-0.86%)
     
  • Crude Oil

    77.93
    -0.81 (-1.03%)
     
  • Gold

    1,646.40
    -9.20 (-0.56%)
     
  • Silver

    18.62
    -0.29 (-1.53%)
     
  • EUR/USD

    0.9641
    -0.0047 (-0.48%)
     
  • 10-Yr Bond

    3.6970
    0.0000 (0.00%)
     
  • Vix

    32.34
    +4.99 (+18.24%)
     
  • GBP/USD

    1.0718
    -0.0138 (-1.27%)
     
  • USD/JPY

    144.2800
    +0.9600 (+0.67%)
     
  • BTC-USD

    19,103.22
    +26.86 (+0.14%)
     
  • CMC Crypto 200

    437.48
    -7.05 (-1.59%)
     
  • FTSE 100

    6,962.41
    -56.19 (-0.80%)
     
  • Nikkei 225

    26,431.55
    -722.28 (-2.66%)
     

Progress Software (PRGS) to Post Q3 Earnings: What's in Store?

·2 min read

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 and EPS Surprise
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.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Lattice Semiconductor Corporation (LSCC) : Free Stock Analysis Report
 
National Instruments Corporation (NATI) : Free Stock Analysis Report
 
Cadence Design Systems, Inc. (CDNS) : Free Stock Analysis Report
 
Progress Software Corporation (PRGS) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research