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

Progress Software (NASDAQ:PRGS) released its quarterly earnings data on Monday. The software maker reported $1.31 earnings per share 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 previous year, the company earned $1.25 earnings per share. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis.

Progress Software Price Performance

Shares of PRGS opened at $51.51 on Tuesday. The firm has a fifty day moving average price of $55.83 and a 200 day moving average price of $62.08. The stock 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 has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. 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 note on Monday, January 6th. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Finally, Citigroup increased their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $74.00.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by company 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.