HomeFinancial MarketsHere is why Progress Software Corporation (PRGS) stock had a good Thursday?

Here is why Progress Software Corporation (PRGS) stock had a good Thursday?

Progress Software Corporation (PRGS) shares rose 7.12% in after-hours on Thursday, September 23, 2021, and closed the daily trading at $49.50. Even in the regular trading session, PRGS’s stock gained 2.21%. PRGS shares have risen 31.20% over the last 12 months, and they have moved up 0.02% in the past week. Over the past three months, the stock has gained 0.33%, while over the past six months, it has soared 10.55%.

Let’s have a look at its recent news and developments.


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PRGS latest development

On September 23, 2021, Progress (PRGS), announced financial results for its fiscal third quarter ended August 31, 2021.

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Q3 2021 financial highlights

  • PRGS reported revenue of $147.4 million in Q3 2021 compared to $109.7 million in Q3 2020.
  • It earned a net income of $30.98 million in Q3 2021 compared to $24 million in Q3 2020.
  • Diluted earnings per share were $0.70 in the reported quarter compared to $0.53 in the same quarter last year.
  • As of August 31, 2021, the company had cash, cash equivalents and short-term investments of $383.7 million.

2021 financial guidance

The company announced its improved financial outlook for FY 2021 and is now expecting

  • Revenue in the range of $520 million to $524 million.
  • Diluted earnings per share in the range of $1.56 to $1.58

For Q4 2021 its expecting

  • Revenue in the range of $129 million to $133 million.
  • Diluted earnings per share in the range of $013to $0.15

PRGS acquired Kemp

On September 23, 2021, Progress (PRGS) signed an agreement to acquire privately held Kemp for $258 million in cash. With this acquisition, Progress will extend its portfolio of market-leading products in DevOps, Application Development, Data Connectivity and Digital Experience, by adding Application Experience Management (AX). The acquisition is expected to close in October 2021.

PRGS latest WhatsUp® Gold

On September 21, 2021, Progress (PRGS) released the latest Progress® WhatsUp® Gold, the award-winning network monitoring software. WhatsUp Gold includes major enhancements in usability and security with support for log management archiving along with extended support for OpenID Connect, Microsoft Edge and Cisco Meraki wireless devices.

PRGS new App development components

On September 15, 2021, Progress (PRGS) announced its R3 2021 release of Progress® Telerik® and Progress® Kendo UI®, the most powerful .NET and JavaScript UI libraries for app development. Progress delivers more than 50 new UI components, features and enhancements.

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Conclusion

The exceptional financial results were the reason behind its top-notch performance on Thursday and we can expect it to close the week by continuing its momentum on Friday as well.

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