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

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

Progress Software Price Performance

Shares of NASDAQ:PRGS traded up $1.92 on Thursday, hitting $65.84. The company’s stock had a trading volume of 1,812,633 shares, compared to its average volume of 503,230. The company has a 50-day simple moving average of $57.27 and a 200 day simple moving average of $53.62. The company has a market capitalization of $2.82 billion, a PE ratio of 40.15, a PEG ratio of 7.28 and a beta of 0.91. 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 $66.06.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. DA Davidson lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer upped their target price on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progress Software currently has a consensus rating of “Buy” and a consensus price target of $66.00.

Insider Transactions at Progress Software

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