Progress Software (NASDAQ:PRGS) Stock Price Up 7.4% Following Earnings Beat

Progress Software Corp (NASDAQ:PRGS)’s share price rose 7.4% during trading on Friday following a better than expected earnings announcement. The stock traded as high as $47.41 and last traded at $43.62. Approximately 1,925,824 shares were traded during trading, an increase of 329% from the average daily volume of 449,105 shares. The stock had previously closed at $40.63.

The software maker reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.17. Progress Software had a return on equity of 30.57% and a net margin of 15.27%. The business had revenue of $103.48 million for the quarter, compared to analysts’ expectations of $98.20 million. During the same period in the prior year, the business posted $0.60 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis.

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.42%. The ex-dividend date was Friday, May 31st. Progress Software’s payout ratio is presently 29.11%.

PRGS has been the topic of several analyst reports. ValuEngine upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Saturday, March 30th. Wedbush boosted their price target on Progress Software from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, March 29th. Zacks Investment Research raised Progress Software from a “sell” rating to a “hold” rating in a research note on Thursday, March 21st. BidaskClub lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, National Securities set a $50.00 price target on Progress Software and gave the company a “buy” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $47.67.

In other Progress Software news, Director John R. Egan sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $45.25, for a total value of $905,000.00. Following the transaction, the director now directly owns 73,206 shares of the company’s stock, valued at $3,312,571.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John R. Egan sold 45,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $45.01, for a total value of $2,025,450.00. Following the completion of the transaction, the director now directly owns 73,206 shares in the company, valued at $3,295,002.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,695 shares of company stock worth $3,918,650. Insiders own 1.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. acquired a new position in Progress Software in the first quarter valued at approximately $28,000. Captrust Financial Advisors raised its position in shares of Progress Software by 162.4% during the fourth quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock worth $35,000 after purchasing an additional 614 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Progress Software by 34.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock worth $61,000 after purchasing an additional 438 shares during the period. Quantamental Technologies LLC acquired a new position in shares of Progress Software during the first quarter worth approximately $92,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Progress Software during the first quarter worth approximately $164,000. 91.38% of the stock is currently owned by hedge funds and other institutional investors.

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $41.90. The stock has a market capitalization of $1.77 billion, a P/E ratio of 20.48 and a beta of 0.78.

Progress Software Company Profile (NASDAQ:PRGS)

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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