Progress Software Corporation Shares Down 5% Despite Strong Q4 Results
<p><a href='https://financialmodelingprep.com/financial-summary/PRGS'>Progress Software Corporation (NASDAQ:PRGS) </a>shares closed more than 5% lower on Wednesday, despite the company’s reported strong Q4 results, with EPS coming in at $0.92, beating the consensus estimate of $0.74. Quarterly revenue was $143.7 million, compared to the Street estimate of $135.4 million. The company benefited from an accommodative spending environment and strong demand for its products (OpenEdge, DevTool, Ipswitch, and DataDirect). </p>
<p>On the negative side, margins are expected to remain under pressure in the near term as Kemp is integrated. Despite these expected near-term headwinds, the analysts at Oppenheimer are confident that management can continue its execution and capitalize on a strong acquisition pipeline to reach $1 billion in annual revenue by 2025.</p>

NASDAQ:PRGS