Progress Software (NASDAQ:PRGS) Posts Earnings Results, Beats Estimates By $0.12 EPS

Progress Software (NASDAQ:PRGS) released its quarterly earnings data on Tuesday. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12, Briefing.com reports. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter last year, the business posted $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% on a year-over-year basis.

Progress Software Stock Up 11.8 %

PRGS opened at $63.92 on Thursday. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of 38.98, a PEG ratio of 7.28 and a beta of 0.91. Progress Software has a twelve month low of $48.00 and a twelve month high of $65.84. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm has a 50 day moving average price of $57.27 and a 200-day moving average price of $53.62.

Wall Street Analyst Weigh In

PRGS has been the topic of a number of recent research reports. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday. Jefferies Financial Group reduced their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $66.00.

Insider Buying and Selling

In other news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Ian Pitt sold 584 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at $174,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 over the last 90 days. Company insiders own 3.40% of the company’s stock.

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.