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

Progress Software (NASDAQ:PRGS) posted its quarterly earnings data on Tuesday. The software maker reported $1.26 earnings per share for the quarter, beating 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 analysts’ expectations of $176.16 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS.

Progress Software Trading Up 2.2 %

Shares of PRGS stock opened at $65.35 on Thursday. The stock’s 50-day moving average price is $57.27 and its 200-day moving average price is $53.62. Progress Software has a 12-month low of $48.00 and a 12-month high of $65.84. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 38.98, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRGS. Jefferies Financial Group dropped their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Guggenheim increased their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Oppenheimer boosted their price objective on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Finally, DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Progress Software presently has an average rating of “Buy” and a consensus price target of $66.00.

Insider Buying and Selling at Progress Software

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