Progress Software (NASDAQ:PRGS) Announces Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) announced its earnings results on Tuesday. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12, Briefing.com reports. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the prior year, the company earned $0.90 EPS. The business’s revenue was up 1.7% compared to the same quarter last year.

Progress Software Stock Performance

NASDAQ PRGS traded up $0.51 on Thursday, hitting $64.43. 45,256 shares of the company traded hands, compared to its average volume of 493,728. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 38.98, a P/E/G ratio of 7.28 and a beta of 0.91. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The business’s 50 day moving average price is $57.27 and its 200-day moving average price is $53.62. Progress Software has a 52-week low of $48.00 and a 52-week high of $65.84.

Insider Activity at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,763 shares of company stock worth $765,004. Corporate insiders own 3.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the company. Oppenheimer increased their target price on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim raised their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $66.00.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.