Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Progress Software (NASDAQ:PRGS - Get Free Report) posted its quarterly earnings results on Monday. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27, Briefing.com reports. The firm had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company's revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.25 EPS.

Progress Software Stock Performance

Shares of NASDAQ:PRGS traded down $1.82 on Friday, reaching $56.17. 1,034,996 shares of the company's stock were exchanged, compared to its average volume of 547,416. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a fifty day moving average of $55.89 and a 200-day moving average of $62.02. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PRGS. StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Citigroup upped their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. DA Davidson reissued a "buy" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Wedbush reiterated an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Finally, Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

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Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares of the company's stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares of the company's stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 in the last three months. Corporate insiders own 3.40% of the company's stock.

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.