Progress Software (NASDAQ:PRGS) Releases Earnings Results, Beats Estimates By $0.12 EPS

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

Progress Software Stock Up 2.8 %

Shares of PRGS stock traded up $1.82 during mid-day trading on Thursday, hitting $65.74. 306,711 shares of the stock traded hands, compared to its average volume of 495,134. Progress Software has a 52-week low of $48.00 and a 52-week high of $65.89. The stock’s fifty day moving average is $57.27 and its two-hundred day moving average is $53.62. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The stock has a market cap of $2.81 billion, a P/E ratio of 40.09, a P/E/G ratio of 7.28 and a beta of 0.91.

Wall Street Analysts Forecast Growth

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

Insider Activity at Progress Software

In other news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Ian Pitt sold 584 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock valued at $765,004 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Progress Software Company Profile

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.