Investopedia: Progress Software Showing Signs Of Life In A Tough Market

More than a year into large-scale efforts to reshape the organization, Progress Software (Nasdaq:PRGS) is hinting that its transition toward faster-growing markets could pay off. The company still has much to prove, and I would not ignore the risk of competition from large, entrenched rivals like IBM (NYSE:IBM), Oracle (Nasdaq:ORCL), and Microsoft (Nasdaq:MSFT), nor smaller rivals like TIBCO (Nasdaq: TIBX) and Software AG (Nasdaq:STWRY). At the same time, the company's significant cash balance, cash generating capabilities, and large maintenance revenue base all provide more than the normal margin of breathing room to execute this transformation.

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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.

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