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

Progress Software (NASDAQ:PRGS) posted its earnings results on Tuesday. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11, Briefing.com reports. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same period last year, the firm posted $1.01 earnings per share. Progress Software’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Progress Software Trading Down 0.0 %

PRGS stock opened at $52.63 on Thursday. Progress Software has a 12-month low of $49.02 and a 12-month high of $62.34. The business’s 50-day moving average is $55.29 and its 200 day moving average is $54.21. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s payout ratio is currently 45.45%.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of recent analyst reports. Wedbush lifted their price target on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, DA Davidson assumed coverage on Progress Software in a research note on Thursday. They issued a “buy” rating and a $65.00 target price for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.50.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the sale, the chief financial officer now directly owns 37,046 shares in the company, valued at $2,126,810.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Anthony Folger sold 7,500 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the sale, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Yogesh K. Gupta sold 40,174 shares of the 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 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 disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock valued at $4,651,992 over the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently bought and sold shares of PRGS. Verition Fund Management LLC purchased a new stake in shares of Progress Software in the 4th quarter valued at approximately $249,000. Tower Research Capital LLC TRC lifted its stake in Progress Software by 187.6% during 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 boosted its position in shares of 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 period. Truist Financial Corp acquired a new stake in shares of Progress Software in the fourth quarter valued at $229,000. Finally, Baird Financial Group Inc. acquired a new position in Progress Software during the 3rd 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.