Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) announced its 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. The company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS.

Progress Software Trading Up 0.4 %

Shares of PRGS stock traded up $0.23 on Thursday, reaching $52.86. 461,352 shares of the stock were exchanged, compared to its average volume of 580,567. The stock has a 50 day moving average price of $55.29 and a 200 day moving average price of $54.21. The stock has a market cap of $2.32 billion, a PE ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95. Progress Software has a one year low of $49.02 and a one year high of $62.34. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94.

Progress Software Announces Dividend

The business also recently declared 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. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Monday, June 3rd. Progress Software’s dividend payout ratio is currently 45.45%.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,500 shares of the 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 transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of Progress Software 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 sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the stock in a transaction 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 owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,998 shares of company stock worth $4,651,992. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently bought and sold shares of PRGS. Federated Hermes Inc. grew its holdings in shares of 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 increased its position in Progress Software by 29.7% in 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 grew its stake 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 worth $123,000 after purchasing an additional 874 shares during the last quarter. Point72 Middle East FZE acquired a new position in Progress Software during the 4th quarter worth about $147,000. Finally, Captrust Financial Advisors raised its position 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 worth $166,000 after acquiring an additional 1,512 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have issued reports on PRGS. Wedbush increased their target price on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. reduced their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday. Finally, DA Davidson started coverage on Progress Software in a research note on Thursday. They issued a “buy” rating and a $65.00 price target for the company. 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.com, Progress Software presently has an average rating of “Moderate Buy” and a consensus target price of $64.50.

About Progress Software

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.