Progress Software (NASDAQ:PRGS) Posts Quarterly Earnings Results

Progress Software (NASDAQ:PRGS) issued its earnings results on Tuesday. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. During the same quarter last year, the company earned $1.01 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year.

Progress Software Stock Up 0.4 %

Shares of Progress Software stock traded up $0.23 during midday trading on Thursday, hitting $52.86. The company had a trading volume of 461,352 shares, compared to its average volume of 580,567. The company has a 50 day moving average of $55.29 and a 200 day moving average of $54.21. The stock has a market capitalization of $2.32 billion, a P/E ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 annualized dividend and a dividend yield of 1.32%. Progress Software’s payout ratio is 45.45%.

Analysts Set New Price Targets

A number of research firms recently commented on PRGS. DA Davidson initiated coverage on shares of Progress Software in a report on Thursday. They set a “buy” rating and a $65.00 price target for the company. Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average price target of $64.50.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the sale, the executive vice president now directly 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 can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction on Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. Also, CEO Yogesh K. Gupta sold 40,174 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were 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 directly owns 186,558 shares in the company, valued at $10,624,478.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,998 shares of company stock valued at $4,651,992. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates lifted its holdings in shares of Progress Software by 23.6% during the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after buying an additional 9,590 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Progress Software by 19.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after acquiring an additional 1,108 shares during the period. MetLife Investment Management LLC boosted its position in Progress Software by 57.1% in the first quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 8,470 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Progress Software by 7.3% during the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after purchasing an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Progress Software by 14.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 4,951 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.