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

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

Progress Software Stock Up 0.2 %

Shares of NASDAQ:PRGS opened at $51.51 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a fifty day simple moving average of $55.83 and a two-hundred day simple moving average of $62.08. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 2.82 and a beta of 0.88.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several research reports. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research 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 research report on Tuesday, January 21st. Finally, Citigroup lifted their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.00.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the firm’s 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 sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares in the company, valued at approximately $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 valued at $984,621 in the last quarter. 3.40% of the stock is owned by 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.