Progress Software (NASDAQ:PRGS) Posts Earnings Results, Beats Estimates By $0.17 EPS

Progress Software (NASDAQ:PRGS) posted its quarterly earnings data on Thursday, June 27th. The software maker reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.17, RTT News reports. Progress Software had a net margin of 13.30% and a return on equity of 30.71%. The firm had revenue of $103.48 million for the quarter, compared to analysts’ expectations of $98.20 million. During the same quarter last year, the company posted $0.60 EPS. The business’s quarterly revenue was up 11.3% on a year-over-year basis.

Progress Software stock traded down $0.78 during midday trading on Friday, hitting $41.25. 290,822 shares of the company’s stock were exchanged, compared to its average volume of 423,856. The firm has a market cap of $1.88 billion, a P/E ratio of 19.37 and a beta of 0.77. The business’s 50-day moving average price is $41.27. Progress Software has a 12 month low of $30.23 and a 12 month high of $47.60. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.92.

PRGS has been the subject of a number of research analyst reports. ValuEngine lowered shares of Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Zacks Investment Research upgraded shares of SCHNEIDER ELEC /ADR from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Friday, July 5th. National Securities set a $50.00 price target on shares of Progress Software and gave the stock a “buy” rating in a research report on Friday, June 28th. BidaskClub raised shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. Finally, Wedbush reaffirmed a “buy” rating and set a $36.00 price target on shares of Allena Pharmaceuticals in a research note on Tuesday, July 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $47.25.

In related news, insider Dimitre Taslakov sold 12,999 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $45.50, for a total value of $591,454.50. Following the completion of the transaction, the insider now directly owns 31,948 shares of the company’s stock, valued at approximately $1,453,634. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony Murphy sold 932 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $45.99, for a total transaction of $42,862.68. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace North America L.P. acquired a new stake in shares of Progress Software during the 1st quarter worth approximately $28,000. Captrust Financial Advisors grew its stake in Progress Software by 162.4% in the 4th quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after acquiring an additional 614 shares during the period. PNC Financial Services Group Inc. grew its stake in Progress Software by 34.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after acquiring an additional 438 shares during the period. Quantamental Technologies LLC acquired a new stake in Progress Software in the 1st quarter valued at $92,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in Progress Software during the 1st quarter worth $164,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Progress Software Company Profile

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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Earnings History for Progress Software (NASDAQ:PRGS)

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