Progress Software (NASDAQ:PRGS) Announces Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) announced its quarterly earnings results on Tuesday. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12, Briefing.com reports. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $57.15 on Wednesday. The stock’s 50 day moving average is $57.13 and its 200-day moving average is $53.55. Progress Software has a twelve month low of $48.00 and a twelve month high of $60.33. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 34.85, a PEG ratio of 7.28 and a beta of 0.91.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. DA Davidson reissued a “buy” rating and issued a $65.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim reissued a “buy” rating and set a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.50.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Ian Pitt sold 584 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% of the company’s stock.

Progress Software Company Profile

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.