Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) released its earnings results on Tuesday. The software maker reported $1.26 earnings per share (EPS) 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 business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the prior year, the company posted $0.90 earnings per share. Progress Software’s revenue was up 1.7% on a year-over-year basis.

Progress Software Price Performance

Shares of PRGS stock traded up $1.85 during trading hours on Thursday, reaching $65.77. The company’s stock had a trading volume of 422,053 shares, compared to its average volume of 495,754. The firm’s 50 day simple moving average is $57.27 and its 200-day simple moving average is $53.62. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 40.09, a PEG ratio of 7.28 and a beta of 0.91. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $66.06. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Analysts Set New Price Targets

PRGS has been the topic of several research reports. Jefferies Financial Group decreased their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Guggenheim increased their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $66.00.

Insider Buying and Selling at Progress Software

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

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.