Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Progress Software (NASDAQ:PRGSGet Free Report) announced its quarterly earnings data on Tuesday. The software maker reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.11, MarketWatch Earnings reports. The business had revenue of $177.52 million for the quarter, compared to analyst estimates of $174.12 million. Progress Software had a net margin of 10.11% and a return on equity of 38.17%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. Progress Software updated its Q1 guidance to $1.12-1.16 EPS and its FY24 guidance to $4.58-4.68 EPS.

Progress Software Stock Up 5.5 %

PRGS stock opened at $56.55 on Thursday. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $2.46 billion, a P/E ratio of 36.25, a PEG ratio of 6.85 and a beta of 0.95. The firm has a 50 day simple moving average of $53.91 and a 200-day simple moving average of $55.63.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRGS shares. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of Progress Software in a report on Wednesday, September 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday, September 27th. Finally, StockNews.com initiated coverage on shares of Progress Software in a research report on Thursday, October 5th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.40.

Read Our Latest Analysis on Progress Software

Insider Transactions at Progress Software

In other news, EVP Sundar Subramanian sold 1,704 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $53.88, for a total transaction of $91,811.52. Following the completion of the sale, the executive vice president now owns 24,920 shares of the company’s stock, valued at $1,342,689.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sundar Subramanian sold 1,704 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $53.88, for a total transaction of $91,811.52. Following the completion of the sale, the executive vice president now owns 24,920 shares of the company’s stock, valued at $1,342,689.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 3,222 shares of Progress Software stock in a transaction on Friday, November 17th. The stock was sold at an average price of $53.51, for a total transaction of $172,409.22. Following the completion of the transaction, the insider now directly owns 584 shares of the company’s stock, valued at approximately $31,249.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,155 shares of company stock valued at $487,946. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently modified their holdings of PRGS. Federated Hermes Inc. raised its stake in shares of Progress Software by 46.7% during the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Progress Software by 29.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock worth $89,000 after acquiring an additional 350 shares in the last quarter. Penserra Capital Management LLC raised its position in Progress Software by 50.0% in the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock worth $123,000 after acquiring an additional 874 shares in the last quarter. Point72 Middle East FZE bought a new stake in Progress Software in the fourth quarter worth about $147,000. Finally, Captrust Financial Advisors raised its position in Progress Software by 75.1% in the first quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock worth $166,000 after acquiring an additional 1,512 shares in the last quarter.

About Progress Software

(Get Free Report)

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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.

Further Reading

Earnings History for Progress Software (NASDAQ:PRGS)

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