Progress Software (NASDAQ:PRGS) Posts 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 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 company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 EPS.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $65.35 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm’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. The company has a market cap of $2.80 billion, a PE ratio of 38.98, a PEG ratio of 7.28 and a beta of 0.91.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer increased their price target on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Jefferies Financial Group decreased their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. One equities research 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $66.00.

Insider Activity at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction 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 approximately $750,467.88. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Ian Pitt sold 584 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold a total of 13,763 shares of company stock worth $765,004 over the last quarter. Company insiders own 3.40% of the company’s stock.

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.