Progress Software (NASDAQ:PRGS) Releases Earnings Results, Beats Expectations By $0.11 EPS

Progress Software (NASDAQ:PRGS) released its quarterly earnings results on Tuesday. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11, Briefing.com reports. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share.

Progress Software Trading Up 0.3 %

PRGS stock traded up $0.18 during midday trading on Thursday, hitting $52.81. The company had a trading volume of 324,581 shares, compared to its average volume of 578,668. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. Progress Software has a 52 week low of $49.02 and a 52 week high of $62.34. The stock’s 50 day moving average price is $55.29 and its 200 day moving average price is $54.21. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. Progress Software’s payout ratio is 45.45%.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.41, for a total value of $430,575.00. Following the sale, the chief financial officer now directly owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progress Software news, Director Charles Francis Kane sold 5,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.37, for a total value of $286,850.00. Following the transaction, the director now owns 62,110 shares of the company’s stock, valued at $3,563,250.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the transaction, the chief financial officer now directly owns 37,046 shares in the company, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,998 shares of company stock valued at $4,651,992. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRGS. Price T Rowe Associates Inc. MD increased its position in Progress Software by 9.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,296 shares of the software maker’s stock worth $1,483,000 after buying an additional 2,243 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Progress Software by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Progress Software during the fourth quarter worth about $515,000. Nuveen Asset Management LLC grew its position in shares of Progress Software by 0.6% during the fourth quarter. Nuveen Asset Management LLC now owns 217,415 shares of the software maker’s stock worth $11,806,000 after purchasing an additional 1,274 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of Progress Software by 68.7% during the fourth quarter. Public Sector Pension Investment Board now owns 90,407 shares of the software maker’s stock worth $4,909,000 after purchasing an additional 36,807 shares in the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PRGS shares. DA Davidson assumed coverage on Progress Software in a research report on Thursday. They issued a “buy” rating and a $65.00 target price on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday. Wedbush lifted their target price on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Finally, Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.50.

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.