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Progress Software's (PRGS) New Developer Tools Expand Portfolio
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Progress Software (PRGS - Free Report) recently announced a portfolio expansion with the launch of new solutions, Telerik, Kendo UI and Telerik Test Studio. Progress also launched ThemeBuilder Pro with the latest R3 2022 release.
Moreover, Progress announced advanced capabilities for Blazor, .NET MAUI, Angular and React to help developers build consistent, high-quality and accessible UI.
The ThemeBuilder Pro is now available for Telerik UI for Blazor, Kendo UI for Angular and KendoReact.
The ThemeBuilder Pro solution makes it easier for developers and designers to create their design system in a visual interface, starting with Material, Bootstrap or Fluent design. The solution will also make implementation easier through their UI components, across web applications.
Progress also announced enhancements and new features for Telerik Reporting, Fiddler Everywhere and Telerik JustMock. The company announced a native Blazor Report Viewer, a new onboarding experience for Web Report Designer and new Fiddler root export options, among other solutions.
Progress shares have declined 6.7% year to date but have outperformed the Zacks Computer & Technology sector’s drop of 30.1%.
The company is benefiting from its strong portfolio and contribution from Kemp. Moreover, strong contributions from DataDirect, DevTools, OpenEdge and Sitefinity products have driven top-line growth.
Progress had $486 million in annualized recurring revenues, up 13% on a constant currency basis at the end of the second quarter of 2022. The trailing 12-month net retention rate was approximately 101%, driven by portfolio strength.
For third-quarter fiscal 2022, Progress expects non-GAAP revenues between $147 million and $150 million. The Zacks Consensus Estimate for revenues is currently pegged at $148 million, indicating a decline of 3% from the year-ago quarter’s reported figure.
The company expects non-GAAP earnings to be 96-98 cents per share. The consensus mark is currently pegged at 97 cents per share, indicating a decline of 17.8% from the year-ago quarter’s reported figure.
For fiscal 2022, non-GAAP revenues are projected between $609 million and $617 million compared with the $557 million reported in fiscal 2021.
Non-GAAP operating margin is expected between 39% and 40% compared with the 41% reported in fiscal 2021.
Non-GAAP earnings are projected between $4.05 and $4.11 per share compared with $3.87 reported in fiscal 2021.
The Zacks Consensus Estimate for fiscal 2022 revenues and earnings is currently pegged at $611.86 million and $4.08 per share, respectively.
Zacks Rank & Stocks to Consider
Progress Software currently has a Zacks Rank #3 (Hold).
Absolute shares have gained 13.6% in the year-to-date period. The Zacks Consensus Estimate for ABST’s fiscal 2023 earnings has moved 487.5% higher over the past 30 days to 47 cents per share.
Paylocity shares have declined 9.1% in the year-to-date period. The Zacks Consensus Estimate for PCTY’s fiscal 2023 earnings has been steady over the past 30 days at $3.58 per share.
Synchronoss shares have lost 44.3% in the year-to-date period. The consensus mark for SNCR’s 2022 earnings has been steady at 16 cents per share over the past 30 days.
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Progress Software's (PRGS) New Developer Tools Expand Portfolio
Progress Software (PRGS - Free Report) recently announced a portfolio expansion with the launch of new solutions, Telerik, Kendo UI and Telerik Test Studio. Progress also launched ThemeBuilder Pro with the latest R3 2022 release.
Moreover, Progress announced advanced capabilities for Blazor, .NET MAUI, Angular and React to help developers build consistent, high-quality and accessible UI.
The ThemeBuilder Pro is now available for Telerik UI for Blazor, Kendo UI for Angular and KendoReact.
The ThemeBuilder Pro solution makes it easier for developers and designers to create their design system in a visual interface, starting with Material, Bootstrap or Fluent design. The solution will also make implementation easier through their UI components, across web applications.
Progress also announced enhancements and new features for Telerik Reporting, Fiddler Everywhere and Telerik JustMock. The company announced a native Blazor Report Viewer, a new onboarding experience for Web Report Designer and new Fiddler root export options, among other solutions.
Progress Software Corporation Price and Consensus
Progress Software Corporation price-consensus-chart | Progress Software Corporation Quote
What Awaits Progress Shares in the Rest of 2022?
Progress shares have declined 6.7% year to date but have outperformed the Zacks Computer & Technology sector’s drop of 30.1%.
The company is benefiting from its strong portfolio and contribution from Kemp. Moreover, strong contributions from DataDirect, DevTools, OpenEdge and Sitefinity products have driven top-line growth.
Progress had $486 million in annualized recurring revenues, up 13% on a constant currency basis at the end of the second quarter of 2022. The trailing 12-month net retention rate was approximately 101%, driven by portfolio strength.
For third-quarter fiscal 2022, Progress expects non-GAAP revenues between $147 million and $150 million. The Zacks Consensus Estimate for revenues is currently pegged at $148 million, indicating a decline of 3% from the year-ago quarter’s reported figure.
The company expects non-GAAP earnings to be 96-98 cents per share. The consensus mark is currently pegged at 97 cents per share, indicating a decline of 17.8% from the year-ago quarter’s reported figure.
For fiscal 2022, non-GAAP revenues are projected between $609 million and $617 million compared with the $557 million reported in fiscal 2021.
Non-GAAP operating margin is expected between 39% and 40% compared with the 41% reported in fiscal 2021.
Non-GAAP earnings are projected between $4.05 and $4.11 per share compared with $3.87 reported in fiscal 2021.
The Zacks Consensus Estimate for fiscal 2022 revenues and earnings is currently pegged at $611.86 million and $4.08 per share, respectively.
Zacks Rank & Stocks to Consider
Progress Software currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same industry are Absolute Software , Paylocity (PCTY - Free Report) and Synchronoss (SNCR - Free Report) , all three sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Absolute shares have gained 13.6% in the year-to-date period. The Zacks Consensus Estimate for ABST’s fiscal 2023 earnings has moved 487.5% higher over the past 30 days to 47 cents per share.
Paylocity shares have declined 9.1% in the year-to-date period. The Zacks Consensus Estimate for PCTY’s fiscal 2023 earnings has been steady over the past 30 days at $3.58 per share.
Synchronoss shares have lost 44.3% in the year-to-date period. The consensus mark for SNCR’s 2022 earnings has been steady at 16 cents per share over the past 30 days.