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

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

Progress Software Stock Up 11.8 %

Shares of NASDAQ:PRGS opened at $63.92 on Thursday. The stock has a market cap of $2.73 billion, a P/E ratio of 38.98, a P/E/G ratio of 7.28 and a beta of 0.91. The firm has a fifty day moving average price of $57.27 and a 200 day moving average price of $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. Progress Software has a 1-year low of $48.00 and a 1-year high of $65.84.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction dated 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 transaction, the insider now owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock worth $765,004 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Finally, Guggenheim boosted their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $66.00.

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.