Progress Software (NASDAQ:PRGS) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Progress Software (NASDAQ:PRGS) released its quarterly earnings data on Tuesday. The software maker reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.20, FiscalAI reports. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The firm had revenue of $253.00 million during the quarter, compared to analysts’ expectations of $252.86 million.

Progress Software Stock Performance

Shares of PRGS stock traded down $1.49 during trading hours on Tuesday, reaching $38.60. 899,679 shares of the company’s stock were exchanged, compared to its average volume of 618,781. Progress Software has a fifty-two week low of $38.54 and a fifty-two week high of $65.50. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market capitalization of $1.66 billion, a P/E ratio of 35.09, a P/E/G ratio of 1.76 and a beta of 0.61. The business has a fifty day moving average price of $42.35 and a 200-day moving average price of $44.38.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. DA Davidson reduced their target price on Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Jefferies Financial Group decreased their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Monday, January 5th. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Citigroup dropped their price target on shares of Progress Software from $57.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.40.

Hedge Funds Weigh In On Progress Software

Several large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its stake in Progress Software by 1.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock valued at $50,044,000 after buying an additional 20,669 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Progress Software by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 675,946 shares of the software maker’s stock valued at $43,152,000 after acquiring an additional 3,261 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Progress Software by 75.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after purchasing an additional 241,515 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Progress Software in the 3rd quarter worth about $16,324,000. Finally, Marshall Wace LLP increased its position in shares of Progress Software by 732.6% during the 3rd quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock worth $15,700,000 after purchasing an additional 314,459 shares in the last quarter.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.