NEW YORK (TheStreet) --Progress Software (PRGS) - Get Report shares are up 5.68% to $29.75 in early market trading on Thursday after the global software company reported its second quarter earnings results after the closing bell yesterday.
The company reported earnings of 35 cents per share on revenue that increased 25% year over year to $101 million.
The results beat analysts' expectation of earnings of 31 cents per share on revenue of $99 million.
The company also provided current quarter financial guidance of earnings between 35 cents and 38 cents per share on revenue between $101 million and $104 million.
Analysts are forecasting company earnings of 35 cents per share on revenue of $104 million.
Separately, the company announced the appointment of Jerry Rulli as Chief Operating Officer.
Rulli has been with the company since August 2014 and has been active in expanding the company's partner programs and international presence, according to the company.
TheStreet Ratings team rates PROGRESS SOFTWARE CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROGRESS SOFTWARE CORP (PRGS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: PRGS Ratings Report