Progress Software (PRGS - Free Report) is slated to release its second-quarter fiscal 2023 results on Jun 29.
For the to-be-reported quarter, the company anticipates non-GAAP revenues in the range of $168-$172 million. Non-GAAP earnings are anticipated between 88 cents and 92 cents per share.
The Zacks Consensus Estimate for fiscal second-quarter earnings has been steady at 90 cents per share over the past 30 days, suggesting a 13.46% decline from the figure reported in the year-ago quarter.
The consensus mark for revenues is pegged at $170.31 million, indicating 12.88% year-over-year growth.
Progress Software’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an earnings surprise of 7.43% on average.
The company has been benefiting from a strong portfolio with a robust adoption rate for its Chef, OpenEdge, DataDirect and Sitefinity solutions. In the fiscal first quarter, the net dollar retention rate was more than 102%.
Strong contributions from acquisitions like MarkLogic and Kemp are expected to have driven top-line growth.
However, the fiscal first quarter bottom line is expected to reflect headwinds related to higher interest rates and a challenging macroeconomic environment.
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 Software has an Earnings ESP of 0.00% 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:
Apple (AAPL - Free Report) has an Earnings ESP of +3.39% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
AAPL shares have gained 43.7% year to date. Apple is likely to report its third-quarter fiscal 2023 results on Jul 27.
Cognizant Technology (CTSH - Free Report) has an Earnings ESP of +1.03% and a Zacks Rank #3.
CTSH shares have gained 8.5% in the year-to-date period. Cognizant is likely to report its second-quarter 2023 results on Jul 26.
KLA (KLAC - Free Report) has an Earnings ESP of +0.02% and a Zacks Rank #3.
KLAC shares have gained 21.2% year to date. KLA is likely to report its second-quarter 2023 results on Jul 27.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
Progress Software (PRGS - Free Report) is slated to release its second-quarter fiscal 2023 results on Jun 29.
For the to-be-reported quarter, the company anticipates non-GAAP revenues in the range of $168-$172 million. Non-GAAP earnings are anticipated between 88 cents and 92 cents per share.
The Zacks Consensus Estimate for fiscal second-quarter earnings has been steady at 90 cents per share over the past 30 days, suggesting a 13.46% decline from the figure reported in the year-ago quarter.
The consensus mark for revenues is pegged at $170.31 million, indicating 12.88% year-over-year growth.
Progress Software’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, delivering an earnings surprise of 7.43% on average.
The company has been benefiting from a strong portfolio with a robust adoption rate for its Chef, OpenEdge, DataDirect and Sitefinity solutions. In the fiscal first quarter, the net dollar retention rate was more than 102%.
Strong contributions from acquisitions like MarkLogic and Kemp are expected to have driven top-line growth.
However, the fiscal first quarter bottom line is expected to reflect headwinds related to higher interest rates and a challenging macroeconomic environment.
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 Software has an Earnings ESP of 0.00% 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:
Apple (AAPL - Free Report) has an Earnings ESP of +3.39% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
AAPL shares have gained 43.7% year to date. Apple is likely to report its third-quarter fiscal 2023 results on Jul 27.
Cognizant Technology (CTSH - Free Report) has an Earnings ESP of +1.03% and a Zacks Rank #3.
CTSH shares have gained 8.5% in the year-to-date period. Cognizant is likely to report its second-quarter 2023 results on Jul 26.
KLA (KLAC - Free Report) has an Earnings ESP of +0.02% and a Zacks Rank #3.
KLAC shares have gained 21.2% year to date. KLA is likely to report its second-quarter 2023 results on Jul 27.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
Get the latest research report on AAPL - FREE
Get the latest research report on CTSH - FREE
Get the latest research report on KLAC - FREE
Get the latest research report on PRGS - FREE