Progress Software (NASDAQ:PRGS) Announces Quarterly Earnings Results, Beats Expectations By $0.27 EPS

Progress Software (NASDAQ:PRGS) announced its quarterly earnings data on Monday. The software maker reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27, Briefing.com reports. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period last year, the company posted $1.25 EPS. The business’s quarterly revenue was up 28.9% compared to the same quarter last year.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $57.76 on Wednesday. The stock has a market capitalization of $2.49 billion, a P/E ratio of 37.03, a P/E/G ratio of 2.82 and a beta of 0.88. The business has a 50-day moving average of $55.72 and a two-hundred day moving average of $62.08. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Analyst Upgrades and Downgrades

PRGS has been the subject of several research reports. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Citigroup boosted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Wedbush reiterated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday. Finally, Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.17.

Insider Activity

In other news, CAO Domenic Lococo sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,482 shares of company stock valued at $984,621. Insiders own 3.40% of the company’s stock.

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.