Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Progress Software (NASDAQ:PRGS) issued its quarterly earnings data on Tuesday. The software maker reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.13, FiscalAI reports. The firm had revenue of $253.47 million for the quarter, compared to analyst estimates of $242.74 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded down $0.26 during midday trading on Tuesday, hitting $33.58. The stock had a trading volume of 1,659,597 shares, compared to its average volume of 972,394. The company’s 50-day moving average price is $29.92 and its 200-day moving average price is $35.04. The company has a market capitalization of $1.41 billion, a P/E ratio of 17.22, a price-to-earnings-growth ratio of 1.42 and a beta of 0.83. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software has a fifty-two week low of $23.82 and a fifty-two week high of $60.87.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Jefferies Financial Group dropped their price objective on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Citigroup decreased their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. DA Davidson dropped their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Finally, Oppenheimer cut their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.40.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Danske Bank A S bought a new stake in Progress Software during the third quarter worth $335,000. Entropy Technologies LP bought a new position in shares of Progress Software in the 4th quarter valued at $311,000. Caxton Associates LLP acquired a new position in shares of Progress Software during the 2nd quarter worth $311,000. Orion Porfolio Solutions LLC raised its holdings in shares of Progress Software by 13.8% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 6,051 shares of the software maker’s stock worth $266,000 after buying an additional 736 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Progress Software by 74.9% during the 4th quarter. HighTower Advisors LLC now owns 5,477 shares of the software maker’s stock worth $235,000 after buying an additional 2,346 shares during the last quarter.

Progress Software Company Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.