Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) issued its quarterly earnings data on Tuesday. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12, Briefing.com reports. 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 analysts’ expectations of $176.16 million. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis.

Progress Software Trading Up 0.8 %

Shares of NASDAQ PRGS traded up $0.51 during trading hours on Thursday, reaching $64.43. The stock had a trading volume of 45,256 shares, compared to its average volume of 493,728. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 38.98, a P/E/G ratio of 7.28 and a beta of 0.91. The business’s fifty day moving average price is $57.27 and its two-hundred day moving average price is $53.62. Progress Software has a 52-week low of $48.00 and a 52-week high of $65.84.

Insider Activity at Progress Software

In related 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 completion of the sale, the insider now owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 value of $557,616.78. Following the completion of the transaction, the executive vice president now 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 accessible through this hyperlink. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction 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 completion of 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 quarter, insiders sold 13,763 shares of company stock worth $765,004. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

PRGS has been the topic of several analyst reports. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday. Guggenheim boosted their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday. Oppenheimer boosted their target price on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus 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.