Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) posted its quarterly earnings results on Tuesday. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same quarter last year, the firm posted $1.01 EPS. Progress Software’s revenue was up 11.5% compared to the same quarter last year.

Progress Software Price Performance

Shares of NASDAQ PRGS traded up $0.18 during mid-day trading on Thursday, reaching $52.81. 324,581 shares of the company were exchanged, compared to its average volume of 578,668. The stock has a market capitalization of $2.32 billion, a PE ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. The company has a quick ratio of 0.94, a current 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 company’s 50 day moving average price is $55.29 and its 200 day moving average price is $54.21.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders 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%.

Analysts Set New Price Targets

PRGS has been the topic of a number of recent research reports. DA Davidson assumed coverage on Progress Software in a report on Thursday. They issued a “buy” rating and a $65.00 target price on the stock. Wedbush increased their target price 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. Oppenheimer restated an “outperform” rating and set a $66.00 price target on shares of Progress Software in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased 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 note on Wednesday. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average target price of $64.50.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 37,046 shares in the company, valued at approximately $2,126,810.86. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Anthony Folger sold 7,500 shares of the firm’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 completion of the sale, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction 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. Insiders sold a total of 81,998 shares of company stock valued at $4,651,992 over the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. boosted its stake in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Progress Software by 29.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock valued at $89,000 after acquiring an additional 350 shares during the period. Penserra Capital Management LLC boosted its holdings in shares of Progress Software by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after acquiring an additional 874 shares during the last quarter. Point72 Middle East FZE bought a new stake in shares of Progress Software in the fourth quarter worth approximately $147,000. Finally, Captrust Financial Advisors raised its holdings in shares of Progress Software by 75.1% during the first quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after purchasing an additional 1,512 shares during the last quarter.

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.