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

Progress Software (NASDAQ:PRGS) posted its earnings results on Monday. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates 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 prior year, the company posted $1.25 earnings per share. Progress Software’s revenue for the quarter was up 28.9% compared to the same quarter last year.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $51.51 on Tuesday. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market cap 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’s 50 day moving average is $55.83 and its 200 day moving average is $62.08.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PRGS shares. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Citigroup upped their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Finally, Jefferies Financial Group boosted 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. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.00.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,482 shares of company stock worth $984,621. Company 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.