NEW YORK (TheStreet) -- Progress Software (PRGS) shares climbed 10.6% to $24.60 in after-hours trading today following the release of the company's second-quarter earnings results.
The company reported earnings of 37 cents per diluted share on revenue of $80.8 million, greater than analysts' expectations of 34 cents per diluted share on $78.5 million in revenue.
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Separately, 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 impressive record of earnings per share growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we find that net income has been generally deteriorating over time."