PROGRESS SOFTWARE Announces Third Quarter Earnings Results for 2023

☀️Earnings Overview

On August 31, 2023 PROGRESS SOFTWARE ($NASDAQ:PRGS) reported their third quarter earnings results for the fiscal year. Total revenue for the period was USD 175.0 million, representing a 15.7% increase compared to the same quarter in the prior year. Unfortunately, net income decreased 12.4%, totaling USD 19.1 million.

Price History

The stock opened at $55.8 and closed at $55.4, down by 1.4% from its last closing price of 56.2. In response to the announcement, the stock price was slightly affected. Overall, PROGRESS SOFTWARE‘s third quarter earnings results demonstrate the company’s financial stability and resilience despite market conditions. Investors should take note of the positive results and consider investing in the company as it continues to demonstrate strong performance in its core operations. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Progress Software. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Progress Software. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Progress Software. More…

Key Ratios Snapshot

Some of the financial key ratios for Progress Software are shown below. More…

Analysis

At GoodWhale, we conducted an analysis of PROGRESS SOFTWARE‘s fundamentals to measure its strength. We use the Star Chart system which illustrates the company’s strengths in terms of assets, dividend, growth, and profitability. Our analysis concluded that PROGRESS SOFTWARE is classified as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. This type of company may be attractive to investors who are looking for strong, established businesses with a competitive edge. Furthermore, PROGRESS SOFTWARE has a high health score of 8/10 considering its cashflows and debt, suggesting it is capable to pay off debt and fund future operations. This makes it an even more attractive investment opportunity for those looking for stability and high returns. More…

Peers

Progress Software Corporation is an American publicly traded company headquartered in Bedford, Massachusetts. The company develops software products and services for businesses. Progress Software’s main competitors are DocuSign Inc, Pros Holdings Inc, and Sprout Social Inc.

– DocuSign Inc ($NASDAQ:DOCU)

DocuSign Inc is a US provider of electronic signature technology and digital transaction management services, founded in 2003. The company’s software allows users to electronically sign, send, and manage documents. As of 2022, DocuSign has a market cap of 8.52B and a ROE of -15.28%.

– Pros Holdings Inc ($NYSE:PRO)

A market cap of 1.17B means that the company is worth 1.17 billion dollars. The company’s ROE is 195.47%, which means that the company has made 195.47% profit on every dollar that it has invested. The company does business in the healthcare industry.

– Sprout Social Inc ($NASDAQ:SPT)

Sprout Social is a social media management platform that helps brands grow their social media presence. The company has a market cap of $2.61B and a ROE of -17.92%. Sprout Social’s platform helps brands with tasks such as scheduling and publishing content, analyzing social media analytics, andEngaging with their audience.

Summary

Progress Software is an attractive investment opportunity for long-term investors. The company reported solid financial numbers in its third quarter of FY 2023, with 15.7% year-over-year growth in total revenue and a modest decrease in net income. With strong fundamentals, the company is well positioned to continue to generate attractive returns for investors in the years to come.

Analyst sentiment remains positive, with most giving the stock a buy recommendation and predicting continued increases in share price and profitability. Progress Software provides a stable and profitable long-term investment opportunity.