Progress Software (NASDAQ:PRGS) Releases Earnings Results, Beats Estimates By $0.11 EPS

Progress Software (NASDAQ:PRGS) announced its earnings results on Tuesday. The software maker reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11, Briefing.com reports. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. Progress Software’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $52.63 on Thursday. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34. The business has a 50 day moving average price of $55.29 and a 200 day moving average price of $54.21. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55.

Progress Software Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s payout ratio is 45.45%.

Insider Activity

In other Progress Software news, CAO Domenic Lococo sold 4,503 shares of the firm’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $57.00, for a total transaction of $256,671.00. Following the completion of the transaction, the chief accounting officer now owns 2,900 shares in the company, valued at $165,300. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, CAO Domenic Lococo sold 4,503 shares of the business’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $57.00, for a total transaction of $256,671.00. Following the completion of the sale, the chief accounting officer now directly owns 2,900 shares of the company’s stock, valued at approximately $165,300. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,998 shares of company stock valued at $4,651,992. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Progress Software in the fourth quarter valued at approximately $20,040,000. Arrowstreet Capital Limited Partnership increased its holdings in Progress Software by 1,128.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 355,742 shares of the software maker’s stock worth $20,437,000 after purchasing an additional 326,780 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Progress Software by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after purchasing an additional 250,733 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Progress Software by 243.9% during the first quarter. Envestnet Asset Management Inc. now owns 320,957 shares of the software maker’s stock worth $5,300,000 after buying an additional 227,625 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Progress Software by 12.9% during the first quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after buying an additional 103,070 shares in the last quarter.

Analyst Ratings Changes

PRGS has been the topic of a number of research analyst reports. DA Davidson started coverage on Progress Software in a research note on Thursday. They issued a “buy” rating and a $65.00 price target on the stock. Oppenheimer restated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday. Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.50.

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.