PRGS: Progress Stock Soars 12% to All-Time High as Traders Cheer Double Beat, Raised Outlook

Software company posted a surprise double beat and topped it off with revised revenue and profit guidance for the fiscal year.

• Progress stock PRGS popped nearly 12% on Wednesday after the company posted better-than-expected revenue and profit figures for its third fiscal quarter. Investors cheered the results, reported after the closing bell, as the shares opened with a gap and gained as much as 16% to an intraday high of $65.85 a share. Ultimately, the stock pulled back a bit, closing at a record $63.92.
• The little-known $2.7 billion software firm reported adjusted earnings of $1.26 per share (up 17% from last year) on revenue of $178.7 million (up 2% from last year). Wall Street had expected $1.14 in profit per share on revenue of $176.2 million. The impressive run was complemented by a raised outlook — Progress now sees adjusted earnings per share for the fiscal year to hit $4.75 to $4.85, from previous forecast of $4.70 to $4.80. Revenue is projected to land between $745 million and $755 million, from $725 million to $735 million.
• Despite the sharp move on Wednesday, Progress has been making steady … progress on the year, up roughly 18%. US-based, Nasdaq-listed Progress develops and deploys software solutions and business applications. Among its product suite, Progress boasts digital experience platform Sitefinity, file transfer system MOVEit, and DevSecOps automation software Chef. The company, which seeks growth through acquisitions, recently announced it is buying AI-powered file sharing platform ShareFile in a deal valued at $875 million in cash and credit.