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

Progress Software (NASDAQ:PRGS) released its quarterly earnings data on Tuesday. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same period in the previous year, the company posted $1.01 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year.

Progress Software Trading Up 0.3 %

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

Progress Software Announces Dividend

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

Insider Activity

In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available at the SEC website. In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the company’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 transaction of $2,287,909.30. Following the completion of the transaction, 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 at the SEC website. Also, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,998 shares of company stock valued at $4,651,992. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Verition Fund Management LLC bought a new position in shares of Progress Software in the 4th quarter worth approximately $249,000. Tower Research Capital LLC TRC raised its position in shares of Progress Software by 187.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,392 shares of the software maker’s stock worth $231,000 after acquiring an additional 2,865 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Progress Software by 4.3% in the 4th quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after acquiring an additional 190 shares in the last quarter. Truist Financial Corp bought a new position in shares of Progress Software in the 4th quarter worth approximately $229,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Progress Software in the 3rd quarter worth approximately $217,000.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. reduced their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday. DA Davidson initiated coverage on Progress Software in a research report on Thursday. They set a “buy” rating and a $65.00 target price for the company. Finally, Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report 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, the company currently has an average rating of “Moderate Buy” and a consensus 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.