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

Progress Software (NASDAQ:PRGS) issued its quarterly earnings results on Tuesday. The software maker reported $1.25 EPS 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 firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same period in the previous year, the business earned $1.01 earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis.

Progress Software Stock Up 0.3 %

PRGS stock traded up $0.17 during mid-day trading on Thursday, reaching $52.80. The company had a trading volume of 286,432 shares, compared to its average volume of 577,790. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 34.18, a price-to-earnings-growth ratio of 6.94 and a beta of 0.95. The firm has a fifty day simple moving average of $55.29 and a 200 day simple moving average of $54.21. Progress Software has a fifty-two week low of $49.02 and a fifty-two week high of $62.34.

Progress Software Dividend Announcement

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

Insider Buying and Selling at Progress Software

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the 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 sale, the chief executive officer now owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the transaction, the executive vice president now owns 15,399 shares in the company, valued at approximately $809,679.42. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Yogesh K. Gupta sold 40,174 shares of the firm’s stock in a transaction that occurred on 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 approximately $10,624,478.10. The disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock valued at $4,651,992 in the last quarter. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its position in Progress Software by 46.7% during the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after buying an additional 371 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Progress Software by 29.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock valued at $89,000 after purchasing an additional 350 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Progress Software by 50.0% in the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after purchasing an additional 874 shares during the period. Point72 Middle East FZE acquired a new position in shares of Progress Software in the fourth quarter valued at approximately $147,000. Finally, Captrust Financial Advisors increased its holdings in shares of Progress Software by 75.1% in 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 period.

Analyst Ratings Changes

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