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

Progress Software (NASDAQ:PRGS) released its quarterly earnings results on Tuesday. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12, Briefing.com reports. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis.

Progress Software Stock Up 11.8 %

PRGS stock opened at $63.92 on Thursday. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 38.98, a PEG 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. Progress Software has a 12 month low of $48.00 and a 12 month high of $65.84. The firm has a 50-day moving average of $57.27 and a two-hundred day moving average of $53.62.

Analysts Set New Price Targets

PRGS has been the subject of several research analyst reports. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Oppenheimer upped their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. 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 stock. According to MarketBeat.com, the stock currently 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, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated 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 owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the 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 owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 584 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,763 shares of company stock worth $765,004. 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.