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

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

Progress Software Stock Performance

NASDAQ PRGS opened at $52.63 on Thursday. Progress Software has a 1-year low of $49.02 and a 1-year high of $62.34. The company has a market capitalization of $2.31 billion, a P/E ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. The business has a 50 day moving average price of $55.29 and a 200 day moving average price of $54.21. 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 Dividend Announcement

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 paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Monday, June 3rd. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PRGS shares. DA Davidson started coverage on Progress Software in a research report on Thursday. They set a “buy” rating and a $65.00 price objective for the company. JPMorgan Chase & Co. lowered 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 set a $66.00 price objective on shares of Progress Software in a research report on Wednesday. Finally, Wedbush upped their target price on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and a consensus price target of $64.50.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 3,168 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.40, for a total transaction of $181,843.20. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $181,785.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Ian Pitt sold 3,168 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.40, for a total transaction of $181,843.20. Following the sale, the insider now owns 3,167 shares in the company, valued at $181,785.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Domenic Lococo sold 4,503 shares of the firm’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $57.00, for a total value of $256,671.00. Following the sale, the chief accounting officer now owns 2,900 shares in the company, valued at approximately $165,300. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock valued at $4,651,992 in the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRGS. Price T Rowe Associates Inc. MD lifted its stake in shares of Progress Software by 9.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,296 shares of the software maker’s stock worth $1,483,000 after purchasing an additional 2,243 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Progress Software by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Progress Software during the fourth quarter worth about $515,000. Nuveen Asset Management LLC lifted its stake in shares of Progress Software by 0.6% during the fourth quarter. Nuveen Asset Management LLC now owns 217,415 shares of the software maker’s stock worth $11,806,000 after purchasing an additional 1,274 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in shares of Progress Software by 68.7% during the fourth quarter. Public Sector Pension Investment Board now owns 90,407 shares of the software maker’s stock worth $4,909,000 after purchasing an additional 36,807 shares in the last quarter.

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.