Progress Software (NASDAQ:PRGS) Announces Earnings Results

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

Progress Software Stock Performance

NASDAQ PRGS opened at $51.51 on Tuesday. The business’s 50 day moving average price is $55.83 and its 200-day moving average price is $62.08. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a market cap of $2.22 billion, a P/E ratio of 33.02, a P/E/G 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.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the 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 sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $984,621 over the last three months. 3.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

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.