Progress Software (NASDAQ:PRGS) Posts Earnings Results, Beats Estimates 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, topping the consensus estimate of $1.14 by $0.11, Briefing.com reports. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same period last year, the firm posted $1.01 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Progress Software Stock Performance

Shares of NASDAQ:PRGS opened at $52.63 on Thursday. The company’s 50 day simple moving average is $55.29 and its 200 day simple moving average is $54.21. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94. Progress Software has a 1 year low of $49.02 and a 1 year high of $62.34. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 34.18, a price-to-earnings-growth ratio of 6.94 and a beta of 0.95.

Progress Software Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PRGS shares. JPMorgan Chase & Co. dropped their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday. Wedbush boosted their price objective on shares of Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.40.

Insider Activity

In other Progress Software news, EVP Sundar Subramanian sold 750 shares of Progress Software stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the transaction, the executive vice president now owns 13,942 shares in the company, valued at $726,657.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related 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 transaction of $430,575.00. Following the sale, the chief financial officer now owns 37,046 shares in the company, valued at approximately $2,126,810.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sundar Subramanian sold 750 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the transaction, the executive vice president now owns 13,942 shares of the company’s stock, valued at $726,657.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,998 shares of company stock worth $4,651,992. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates boosted its position in Progress Software by 23.6% during the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock worth $2,361,000 after buying an additional 9,590 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Progress Software by 19.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after acquiring an additional 1,108 shares during the last quarter. MetLife Investment Management LLC increased its position in Progress Software by 57.1% during the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000 after purchasing an additional 8,470 shares during the period. Rhumbline Advisers raised its holdings in Progress Software by 7.3% during the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after purchasing an additional 7,594 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Progress Software by 14.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 4,951 shares during the last quarter.

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.