Progress Software (PRGS) to Release Quarterly Earnings on Tuesday

Progress Software (NASDAQ:PRGS) is projected to post its quarterly earnings results after the market closes on Tuesday, January 21st. Analysts expect Progress Software to post earnings of $1.21 per share and revenue of $211,341.93 billion for the quarter.

Progress Software Price Performance

Shares of NASDAQ PRGS traded up $0.85 during trading on Wednesday, hitting $63.34. The company had a trading volume of 440,461 shares, compared to its average volume of 412,662. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The business’s 50-day moving average is $66.90 and its 200 day moving average is $62.13. The company has a market cap of $2.72 billion, a P/E ratio of 33.87, a PEG ratio of 7.35 and a beta of 0.93. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Insider Activity

In related news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several recent analyst reports. Oppenheimer raised their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group raised their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Guggenheim increased 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, September 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progress Software has an average rating of “Buy” and an average target price of $70.17.

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.