Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Progress Software (NASDAQ:PRGS) posted its earnings results on Tuesday. The software maker reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.20, FiscalAI reports. The company had revenue of $253.00 million during the quarter, compared to analysts’ expectations of $252.86 million. Progress Software had a net margin of 5.16% and a return on equity of 43.68%.

Progress Software Trading Down 3.7%

Shares of NASDAQ PRGS traded down $1.49 during mid-day trading on Tuesday, hitting $38.60. The company’s stock had a trading volume of 899,679 shares, compared to its average volume of 618,781. Progress Software has a one year low of $38.54 and a one year high of $65.50. The company’s fifty day simple moving average is $42.35 and its 200-day simple moving average is $44.38. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 35.09, a price-to-earnings-growth ratio of 1.76 and a beta of 0.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PRGS shares. Jefferies Financial Group reduced their price objective on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Monday, January 5th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Citigroup dropped their target price on shares of Progress Software from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Friday. Finally, DA Davidson reduced their target price on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.40.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. grew its holdings in shares of Progress Software by 183.0% in the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after buying an additional 637 shares during the period. Advisors Asset Management Inc. raised its stake in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after buying an additional 604 shares during the period. State of Wyoming bought a new position in Progress Software during the second quarter worth about $137,000. iSAM Funds UK Ltd acquired a new position in Progress Software in the third quarter valued at about $102,000. Finally, Vident Advisory LLC bought a new stake in shares of Progress Software in the second quarter worth about $219,000.

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.