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

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

Progress Software Trading Up 0.2 %

PRGS stock opened at $51.51 on Tuesday. The company has a market capitalization of $2.22 billion, a PE ratio of 33.02, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software has a one year low of $48.00 and a one year high of $70.56. The company’s 50 day moving average price is $55.83 and its two-hundred day moving average price is $62.08.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.00.

Insider Activity

In related news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. 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.