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

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

Progress Software Stock Performance

PRGS stock opened at $52.63 on Thursday. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50-day moving average price of $55.29 and a 200 day moving average price of $54.21. The company has a market capitalization of $2.31 billion, a P/E ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. Progress Software has a 1-year low of $49.02 and a 1-year high of $62.34.

Progress Software Announces Dividend

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

Insider Activity at Progress Software

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the transaction, the chief executive officer now owns 186,558 shares in the company, valued at $10,624,478.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Sundar Subramanian sold 750 shares of the business’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction of $39,090.00. Following the sale, the executive vice president now owns 13,942 shares in the company, valued at $726,657.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Yogesh K. Gupta sold 40,174 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total value of $2,287,909.30. Following the completion of the sale, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock worth $4,651,992 over the last three months. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently bought and sold shares of the company. Raymond James & Associates lifted its holdings in Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after acquiring an additional 9,590 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Progress Software by 19.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock worth $322,000 after buying an additional 1,108 shares during the period. MetLife Investment Management LLC raised its stake in shares of Progress Software by 57.1% during the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after buying an additional 8,470 shares during the period. Rhumbline Advisers raised its stake in shares of 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 buying an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Progress Software by 14.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock worth $1,794,000 after buying an additional 4,951 shares during the period.

Wall Street Analyst Weigh In

PRGS has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday. Wedbush raised their target price on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Finally, DA Davidson initiated coverage on shares of Progress Software in a research note on Thursday. They set a “buy” rating and a $65.00 target price on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.