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Progress Software Corporation (NASDAQ:PRGS) Reports Revenue Growth – PRGS, MSFT, ORCL, RHT, VRNG

Progress Software Corporation (NASDAQ:PRGS)’s shares surged more than 2% on Thursday after it declared a little progress upping its revenue in the quarter that ended in February, other than plunged in earnings a share, absent a consensus of analyst forecasts by a penny.

The firm declared a 2% jump in revenue year-over-year to $89M for the first quarter of its fiscal 2013. A little over a third of that came from software licenses, whereas the rest came from maintenance and services.

The firm’s net income for the quarter was $31.1M, in contrast to $7.5M in the similar quarter previous year. The spike is because of $35.1M in gains on divestitures of the Actional, Artix, DataXtend, ObjectStore, Orbacus, Orbix, Savvion plus Sonic product lines. Diluted net income a share for the quarter was 54 cents, over 4 times the similar quarter the earlier year.

Moving readers toward the broader market, let’s consider percentage change in stocks prices of other stocks in the similar sector who contribute major role in the market that includes Microsoft Corporation (NASDAQ:MSFT) rose +0.83%, Oracle Corporation (NASDAQ:ORCL) edged up +1.19%, Red Hat, Inc. (NYSE:RHT) which also increased +1.18% and Vringo, Inc. (NYSE:VRNG) closed up +15.27%.

Progress Software Corporation (NASDAQ:PRGS) stock’s trade at beginning with a price of $22.45 and throughout the trading session climbed at a high of $23.07 other than when day-trade ended the stock finally advanced +2.47% to $22.83.

The stock is going forward its 52 week low with 31.97% and lagging behind from its 52 week high price with -6.82%. PRGS last month stock price volatility remained 2.30%.

PRGS stock institutional ownership remained 94.64% while insider ownership included 1.63%. In its share capital PRGS has 57.86 million outstanding shares among them 57.11 million shares have been floated in market exchange.

Company’s beta coefficient included 1.33. Beta factors measures the amount of market risk associated with market trade.


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