Progress Software (PRGS) Set to Announce Quarterly Earnings on Tuesday

Progress Software (NASDAQ:PRGS) is scheduled to be posting its quarterly earnings results after the market closes on Tuesday, September 26th. Analysts expect Progress Software to post earnings of $1.01 per share for the quarter. Individual that wish to register for the company’s earnings conference call can do so using this link.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Thursday, June 29th. The software maker reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.16. Progress Software had a net margin of 12.49% and a return on equity of 40.44%. The firm had revenue of $179.23 million for the quarter, compared to analyst estimates of $169.78 million. During the same period last year, the firm posted $0.87 EPS. Progress Software’s quarterly revenue was up 18.8% on a year-over-year basis. On average, analysts expect Progress Software to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Progress Software Stock Performance

NASDAQ:PRGS opened at $56.99 on Tuesday. The firm’s fifty day moving average price is $59.36 and its 200 day moving average price is $57.86. Progress Software has a 1-year low of $40.33 and a 1-year high of $62.34. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 30.97, a price-to-earnings-growth ratio of 8.28 and a beta of 0.91.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.175 per share. The ex-dividend date was Thursday, August 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.23%. Progress Software’s payout ratio is currently 38.04%.

Analysts Set New Price Targets

PRGS has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Progress Software from $57.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 8th. StockNews.com initiated coverage on shares of Progress Software in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Oppenheimer boosted their target price on shares of Progress Software from $63.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, June 30th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.25.

Insider Transactions at Progress Software

In other news, insider Kathryn Kulikoski sold 3,265 shares of Progress Software stock in a transaction on Friday, September 1st. The stock was sold at an average price of $61.06, for a total transaction of $199,360.90. Following the completion of the transaction, the insider now owns 2,073 shares of the company’s stock, valued at approximately $126,577.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Progress Software news, insider Kathryn Kulikoski sold 3,265 shares of Progress Software stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $61.06, for a total value of $199,360.90. Following the completion of the sale, the insider now owns 2,073 shares in the company, valued at approximately $126,577.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 2,513 shares of Progress Software stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $58.44, for a total value of $146,859.72. Following the completion of the sale, the chief financial officer now owns 20,098 shares of the company’s stock, valued at approximately $1,174,527.12. The disclosure for this sale can be found here. Insiders sold 19,161 shares of company stock valued at $1,134,633 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Progress Software by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 4,989,378 shares of the software maker’s stock worth $212,298,000 after purchasing an additional 84,371 shares during the period. State Street Corp boosted its holdings in Progress Software by 3.0% in the 1st quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock worth $68,740,000 after acquiring an additional 42,824 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Progress Software by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,325,811 shares of the software maker’s stock worth $76,166,000 after acquiring an additional 19,608 shares during the period. Wellington Management Group LLP boosted its holdings in Progress Software by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock worth $58,204,000 after acquiring an additional 250,733 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Progress Software by 12.9% in the 1st quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after acquiring an additional 103,070 shares during the period.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, a flexible application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.