Progress Software (NASDAQ:PRGS) Announces Earnings Results

Progress Software (NASDAQ:PRGS) posted its earnings results on Tuesday. The software maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11, Briefing.com reports. The company had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 earnings per share.

Progress Software Stock Performance

Shares of PRGS opened at $52.65 on Wednesday. The company has a 50-day moving average of $55.37 and a two-hundred day moving average of $54.22. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 33.75, a PEG ratio of 6.95 and a beta of 0.95. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94. Progress Software has a one year low of $49.02 and a one year high of $62.34.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, February 29th. Progress Software’s dividend payout ratio is 44.87%.

Analysts Set New Price Targets

Separately, Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $64.80.

Insider Activity

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the transaction, the chief executive officer now directly owns 186,558 shares in the company, valued at approximately $10,624,478.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Yogesh K. Gupta sold 40,174 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the completion of the sale, the chief executive officer now directly owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 750 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction of $39,090.00. Following the sale, the executive vice president now owns 13,942 shares of the company’s stock, valued at $726,657.04. The disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock worth $4,651,992 over the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progress Software

Several large investors have recently made changes to their positions in the company. Verition Fund Management LLC bought a new stake in Progress Software in the fourth quarter worth approximately $249,000. Tower Research Capital LLC TRC boosted its holdings in Progress Software by 187.6% in the third quarter. Tower Research Capital LLC TRC now owns 4,392 shares of the software maker’s stock worth $231,000 after purchasing an additional 2,865 shares in the last quarter. Lazard Asset Management LLC increased its position in Progress Software by 4.3% during the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after buying an additional 190 shares during the last quarter. Truist Financial Corp bought a new position in Progress Software during the fourth quarter valued at about $229,000. Finally, Baird Financial Group Inc. acquired a new stake in shares of Progress Software in the third quarter worth about $217,000.

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.