Progress Software (NASDAQ:PRGS) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

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

Progress Software Stock Performance

Shares of Progress Software stock opened at $63.92 on Thursday. Progress Software has a 12 month low of $48.00 and a 12 month high of $65.84. The stock has a market cap of $2.73 billion, a PE ratio of 38.98, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. 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 business has a fifty day simple moving average of $57.27 and a 200-day simple moving average of $53.62.

Insider Activity

In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. Insiders have sold a total of 13,763 shares of company stock worth $765,004 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PRGS shares. DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Jefferies Financial Group cut their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Finally, Oppenheimer boosted their target price on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $66.00.

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.