Progress Software Corporation (NASDAQ: PRGS) reported that its President and Chief Executive Officer Jay Bhatt plans to step down he wants to get another leadership opportunity as Director.
He will continue his services till December 7, 2012; Board of Directors has started his search for President and CEO. Mr. Bhatt will assist the Board in its search process to confirm a smooth transition.
Phil Pead, Non-Executive Chairman of the Board of Directors, has been selected Executive Chairman of the Board, effective instantly.
Progress Software Corporation (NASDAQ:PRGS) traded with volume of 2.89 million shares in last session which was unexpectedly higher versus average trading capacity of 374,483.00 shares. The stock traded with opening bell at $19.64, gained the maximum price level of $19.64 and then finished the day at $18.52 by scoring -13.78%.
PRGS remained successful in generating revenue of $473.50 million in the trailing twelve months and made net income of $26.54 million. The Company maintained a positive 5.60% for the net profit margin and in its operating margin it scored 9.15%. Company’s yearly revenue change for the last five years was 3.60%.
The PRGS’s price to sales ratio is 2.48 and price to cash ratio is 3.33 for the past 12 months. As far as the returns from the company is concerned, return on assets remained as +2.92%.
The stock showed downbeat performance of -13.78% for the week which was maintained for the month at -8.54%. Likewise the negative performance for the trailing 3 months was recorded as -6.37% and in last year was -3.94% while the performance so far in current year remains at -4.29%.
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