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

Progress Software (NASDAQ:PRGS) issued 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. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Progress Software’s revenue for the quarter was up 11.5% on a year-over-year basis.

Progress Software Stock Performance

Shares of PRGS stock opened at $52.63 on Thursday. The firm has a 50 day moving average of $55.29 and a two-hundred day moving average of $54.21. 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 has a 52 week low of $49.02 and a 52 week high of $62.34. The stock has a market capitalization of $2.31 billion, a PE ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95.

Progress Software Announces Dividend

The company 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 $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Monday, June 3rd. Progress Software’s payout ratio is 45.45%.

Wall Street Analyst Weigh In

Several analysts have recently commented on PRGS shares. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday. Wedbush upped their price target on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.40.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 750 shares of the business’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $52.12, for a total transaction of $39,090.00. Following the completion of the transaction, the executive vice president now owns 13,942 shares in the company, valued at $726,657.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction of $39,090.00. Following the completion of the transaction, the executive vice president now directly owns 13,942 shares of the company’s stock, valued at approximately $726,657.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Domenic Lococo sold 4,503 shares of the stock in a transaction on 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 directly owns 2,900 shares in the company, valued at $165,300. The disclosure for this sale can be found here. Insiders have sold a total of 81,998 shares of company stock valued at $4,651,992 over the last 90 days. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates grew its stake in shares of Progress Software by 23.6% in the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after purchasing an additional 9,590 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Progress Software by 19.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after buying an additional 1,108 shares during the period. MetLife Investment Management LLC raised its position in Progress Software by 57.1% during the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after buying an additional 8,470 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Progress Software by 7.3% in the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after acquiring an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Progress Software by 14.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after acquiring an additional 4,951 shares in the last quarter.

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.