Progress Software (NASDAQ:PRGS) Sets New 12-Month High on Strong Earnings

Progress Software Co. (NASDAQ:PRGS) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $63.75 and last traded at $63.21, with a volume of 196167 shares. The stock had previously closed at $57.15.

The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the business posted $0.90 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Oppenheimer increased their price objective on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday. Guggenheim reissued a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a research report on Tuesday, June 25th. DA Davidson reissued a “buy” rating and set a $65.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Wedbush restated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. One equities research 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $64.17.

Insider Transactions at Progress Software

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

Institutional Trading of Progress Software

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after buying an additional 312,537 shares during the period. Norges Bank purchased a new position in Progress Software in the 4th quarter valued at about $15,701,000. Swedbank AB boosted its position in Progress Software by 144.2% in the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after buying an additional 280,195 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Progress Software by 530.5% during the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares during the last quarter. Finally, Boston Trust Walden Corp lifted its position in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares during the last quarter.

Progress Software Stock Up 13.1 %

The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The stock’s fifty day simple moving average is $57.13 and its 200-day simple moving average is $53.55. The stock has a market cap of $2.77 billion, a P/E ratio of 39.41, a PEG ratio of 7.28 and a beta of 0.91.

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.