Progress Software (NASDAQ:PRGS) Posts Earnings Results, Beats Estimates By $0.13 EPS

Progress Software (NASDAQ:PRGS) announced its quarterly earnings results on Tuesday. The software maker reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.13, FiscalAI reports. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The company had revenue of $253.47 million during the quarter, compared to analyst estimates of $242.74 million.

Progress Software Stock Performance

NASDAQ PRGS traded down $0.26 on Tuesday, hitting $33.58. 1,659,597 shares of the stock were exchanged, compared to its average volume of 972,394. The company has a market capitalization of $1.41 billion, a PE ratio of 17.22, a P/E/G ratio of 1.42 and a beta of 0.83. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. The business’s fifty day moving average is $29.92 and its 200 day moving average is $35.04. Progress Software has a 52 week low of $23.82 and a 52 week high of $60.87.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently bought and sold shares of PRGS. Kemnay Advisory Services Inc. bought a new stake in Progress Software in the 4th quarter valued at $42,000. Advisors Asset Management Inc. raised its position in shares of Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares during the period. Osaic Holdings Inc. lifted its stake in shares of Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after buying an additional 637 shares during the last quarter. iSAM Funds UK Ltd bought a new stake in shares of Progress Software during the 3rd quarter worth about $102,000. Finally, State of Wyoming acquired a new position in Progress Software in the 2nd quarter valued at about $137,000.

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of research analyst reports. Wedbush decreased their target price on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Citigroup dropped their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. DA Davidson cut their price objective on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. Finally, Oppenheimer dropped their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.40.

Progress Software Company Profile

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.