Progress Software (NASDAQ:PRGS) Releases Earnings Results, Beats Estimates By $0.36 EPS

Progress Software (NASDAQ:PRGS) released its earnings results on Thursday. The software maker reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.36, MarketWatch Earnings reports. The company had revenue of $152.60 million for the quarter, compared to the consensus estimate of $131.07 million. Progress Software had a net margin of 15.58% and a return on equity of 37.43%. Progress Software’s revenue was up 37.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 EPS.

NASDAQ PRGS traded up $1.00 on Thursday, hitting $46.21. 375,320 shares of the company’s stock traded hands, compared to its average volume of 355,425. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 1.48. Progress Software has a 1-year low of $34.50 and a 1-year high of $49.23. The firm’s 50-day moving average price is $45.62 and its two-hundred day moving average price is $45.28. The firm has a market capitalization of $2.02 billion, a PE ratio of 28.18, a P/E/G ratio of 7.74 and a beta of 1.25.

A hedge fund recently raised its stake in Progress Software stock. Morgan Stanley lifted its position in Progress Software Co. (NASDAQ:PRGS) by 83.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 215,564 shares of the software maker’s stock after purchasing an additional 98,118 shares during the period. Morgan Stanley owned about 0.49% of Progress Software worth $9,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several analysts have weighed in on the stock. Citigroup assumed coverage on shares of Progress Software in a research report on Friday, August 6th. They set a “neutral” rating and a $48.00 target price on the stock. Oppenheimer assumed coverage on shares of Progress Software in a research report on Wednesday, July 14th. They set an “outperform” rating and a $54.00 target price on the stock. Guggenheim assumed coverage on shares of Progress Software in a research report on Tuesday, June 8th. They set a “buy” rating and a $56.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, August 26th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $52.80.

About Progress Software

Progress Software Corp. engages in the provision of a platform, which develops and deploys mission-critical business applications. It operates through the following segments: OpenEdge, Data Connectivity and Integration and Application Development and Deployment. The OpenEdge segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.

Further Reading: What is a Reverse Stock Split?

Earnings History for Progress Software (NASDAQ:PRGS)

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.