Progress Software (NASDAQ:PRGS) Posts Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Progress Software (NASDAQ:PRGS) announced its quarterly earnings results on Monday. The software maker reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27, Briefing.com reports. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. During the same period in the prior year, the firm earned $1.25 EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis.

Progress Software Price Performance

NASDAQ:PRGS opened at $57.76 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The business’s 50-day moving average price is $55.72 and its 200 day moving average price is $62.08. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The firm has a market cap of $2.49 billion, a P/E ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRGS. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Wedbush reiterated an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Tuesday. Finally, Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is owned by insiders.

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.