Sector Update: Technology Stocks Edging Higher; Progress Software Rallies on Q2 Results, Q3 Outlook


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Technology stocks were slightly higher as a group today with shares of technology companies in the S&P 500 advancing about 0.2%.

In company news, Progress Software ( PRGS ) rose Friday after the cloud-based enterprise software firm reported fiscal Q2 earnings and revenue that beat analyst projections and forecast per-share net income for the current quarter exceeding the Wall Street consensus.

PRGS shares recently were ahead nearly 8% at $23.98 each, earlier climbing to a session high of $24.81 a share. The stock has a 52-week range of $20.06 to $26.95 a share, adding about 3.5% in value over that 12-month span.

The company reported net income from continuing operation of $12.8 million, or $0.25 per share, during the three months ended May 31, up from $8.1 million during the same quarter last year.

Excluding one-time items, it earned $0.37 per share, topping the Capital IQ consensus by $0.03 per share. Revenue declined 1.1% year over year to $80.8 million, still beating estimates by around $2.04 million.

The company is projecting adjusted per-share earnings in a range of $0.32 to $0.35 during the current quarter ending July 31, topping analyst expectations by at least $0.01 per share. Revenue is seen in a range of $78 million to $81 million, bracketing the Street view looking for $79.74 million in Q3 revenue.

PRGS also is expecting adjusted EPS of $1.38 to $1.45 on between $331 million to $338 million in revenue for the 12 months ending in January. Analysts, on average, are expecting a $1.38 per share annual profit on $326.85 million in revenue.

In other sector news,

(+) AWRE, (+14.6%) Declares special cash dividend of $1.75 per share, payable July 24 to shareholders of record on July 10.

(-) ANAD, (-20.1%) Forecasts Q2 revenue declining about 33% from year-ago levels to $23 mln, trailing consensus view by $2.52 mln. Sees non-GAAP net loss improving from $0.14 loss last year to $0.10 per share, but still $0.01 wider than estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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