Progress Software (NASDAQ:PRGS) announced its quarterly earnings data on Thursday. The software maker reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06, MarketWatch Earnings reports. Progress Software had a net margin of 6.39% and a return on equity of 32.03%. The business had revenue of $113.76 million for the quarter, compared to the consensus estimate of $105.20 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 27.0% compared to the same quarter last year.
Progress Software stock traded up $1.61 during trading on Thursday, reaching $34.85. The company had a trading volume of 1,099,984 shares, compared to its average volume of 469,805. Progress Software has a 12-month low of $28.09 and a 12-month high of $52.50. The stock’s 50 day moving average price is $38.13 and its two-hundred day moving average price is $40.72. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 60.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 1.18.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.165 per share. The ex-dividend date was Friday, February 28th. This represents a $0.66 annualized dividend and a dividend yield of 1.89%. Progress Software’s payout ratio is currently 28.82%.
In related news, CFO Paul A. Jalbert sold 708 shares of Progress Software stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $48.00, for a total value of $33,984.00. Following the transaction, the chief financial officer now owns 34,896 shares in the company, valued at $1,675,008. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Francis Kane sold 7,500 shares of Progress Software stock in a transaction on Friday, February 7th. The shares were sold at an average price of $44.91, for a total value of $336,825.00. Following the completion of the transaction, the director now owns 78,243 shares in the company, valued at approximately $3,513,893.13. The disclosure for this sale can be found here. Insiders have sold 20,417 shares of company stock valued at $936,696 in the last ninety days. 1.70% of the stock is currently owned by company insiders.
Progress Software announced that its board has initiated a stock buyback program on Thursday, January 16th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the software maker to repurchase up to 11.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
PRGS has been the subject of several analyst reports. Benchmark reiterated a “buy” rating on shares of Progress Software in a report on Monday. ValuEngine upgraded Progress Software from a “sell” rating to a “hold” rating in a report on Friday, March 13th. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, March 19th. Finally, BidaskClub downgraded Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $53.00.
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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