Investopedia: Progress Software - A GARP Story With No "Guh"

On more than one occasion, I have joked that so-called growth at a reasonable price (GARP) investors eventually have to choose sides and go with the "guh" (that is, growth) or the "arp" (value discipline). That's especially true in technology, where investors are not all that often interested in rewarding value-priced stories that lack growth. With that in mind, Progress Software (Nasdaq:PRGS) can indeed claim that these shares are undervalued, but without a better growth trajectory it may just not matter.

No Growth This Quarter  
Progress Software is in the middle of a business transition, but the new growth opportunities are not materializing fast enough to offset the erosion in older platforms. Revenue fell 6% this quarter, with a 14% drop in license revenue (essentially new business). Worryingly, the company's sizable maintenance revenue saw a 1% decline.

Please read more here:
http://stocks.investopedia.com/stock-analysis/2012/Progress-Software---A-GARP-Story-With-No-Guh-PRGS-IBM-ORCL-MSFT0106.aspx.