Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Progress Software (NASDAQ:PRGS – Get Rating) issued its quarterly earnings data on Tuesday. The software maker reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.12, MarketWatch Earnings reports. The business had revenue of $147.51 million during the quarter, compared to the consensus estimate of $139.24 million. Progress Software had a net margin of 14.76% and a return on equity of 39.12%. The firm’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 EPS.

Shares of PRGS traded up $1.45 during trading hours on Tuesday, hitting $46.20. The company’s stock had a trading volume of 312,442 shares, compared to its average volume of 321,015. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 26.40, a PEG ratio of 6.50 and a beta of 1.15. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $44.64 and a two-hundred day simple moving average of $47.40. Progress Software has a 52-week low of $41.68 and a 52-week high of $53.99.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Tuesday, March 1st were paid a $0.175 dividend. The ex-dividend date was Monday, February 28th. This represents a $0.70 annualized dividend and a dividend yield of 1.52%. Progress Software’s payout ratio is 40.00%.

Several research firms have recently weighed in on PRGS. Zacks Investment Research cut shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, March 23rd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Friday, February 25th. Finally, Citigroup dropped their price objective on shares of Progress Software from $50.00 to $48.00 in a research note on Wednesday, January 19th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $55.00.

A number of institutional investors have recently made changes to their positions in PRGS. Morgan Stanley lifted its position in Progress Software by 83.5% during the second quarter. Morgan Stanley now owns 215,564 shares of the software maker’s stock valued at $9,970,000 after purchasing an additional 98,118 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Progress Software by 382.3% in the 4th quarter. LPL Financial LLC now owns 75,952 shares of the software maker’s stock worth $3,666,000 after acquiring an additional 60,205 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of Progress Software in the 4th quarter worth approximately $2,322,000. BlackRock Inc. lifted its holdings in shares of Progress Software by 0.4% in the 4th quarter. BlackRock Inc. now owns 8,136,361 shares of the software maker’s stock worth $392,743,000 after acquiring an additional 30,599 shares during the last quarter. Finally, Kingsview Wealth Management LLC bought a new stake in Progress Software during the 4th quarter valued at $997,000. Institutional investors and hedge funds own 99.56% of the company’s stock.

Progress Software Company Profile (Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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