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 EPS 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 net margin of 10.29% and a return on equity of 36.88%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.90 earnings per share.

Progress Software Price Performance

NASDAQ PRGS opened at $63.92 on Thursday. The company has a market cap of $2.73 billion, a PE ratio of 38.98, a P/E/G ratio of 7.28 and a beta of 0.91. Progress Software has a 52-week low of $48.00 and a 52-week high of $65.84. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The firm’s 50 day moving average price is $57.27 and its 200-day moving average price is $53.62.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PRGS shares. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday. Oppenheimer raised their target price on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Finally, Guggenheim lifted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $66.00.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock worth $765,004 over the last three months. Corporate 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.