Wall Street analysts expect Progress Software Co. (NASDAQ:PRGS) to report earnings of $0.74 per share for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Progress Software’s earnings. Progress Software posted earnings of $0.91 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 18.7%. The company is scheduled to announce its next earnings report on Thursday, January 13th.
According to Zacks, analysts expect that Progress Software will report full year earnings of $3.70 per share for the current fiscal year. For the next financial year, analysts forecast that the company will post earnings of $3.62 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that cover Progress Software.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Wednesday, September 22nd. The software maker reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.36. The business had revenue of $152.60 million during the quarter, compared to analyst estimates of $131.07 million. Progress Software had a net margin of 15.80% and a return on equity of 41.16%. Progress Software’s revenue was up 37.6% compared to the same quarter last year. During the same period last year, the business earned $0.67 EPS.
A number of analysts have recently commented on PRGS shares. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Wednesday, September 29th. JPMorgan Chase & Co. assumed coverage on shares of Progress Software in a research report on Friday, October 22nd. They set an “overweight” rating and a $60.00 target price for the company. Oppenheimer lifted their price target on shares of Progress Software from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, September 24th. Finally, Citigroup lifted their price target on shares of Progress Software from $48.00 to $50.00 and gave the company a “neutral” rating in a report on Friday, September 24th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $56.33.
NASDAQ:PRGS traded up $0.66 on Friday, reaching $52.22. 160,246 shares of the stock traded hands, compared to its average volume of 302,335. The company’s fifty day simple moving average is $49.14 and its 200 day simple moving average is $46.72. Progress Software has a 12 month low of $38.79 and a 12 month high of $53.86. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 8.11 and a beta of 1.17. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 1.36.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.34%. The ex-dividend date is Tuesday, November 30th. Progress Software’s dividend payout ratio is presently 38.67%.
In related news, EVP Jeremy Segal sold 1,281 shares of the company’s stock in a transaction dated Monday, October 4th. The shares were sold at an average price of $49.30, for a total value of $63,153.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gary Quinn sold 15,216 shares of the company’s stock in a transaction dated Wednesday, November 3rd. The stock was sold at an average price of $52.05, for a total transaction of $791,992.80. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PRGS. Marshall Wace North America L.P. purchased a new stake in Progress Software in the first quarter worth about $28,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Progress Software during the second quarter valued at about $42,000. FNY Investment Advisers LLC purchased a new stake in shares of Progress Software during the third quarter valued at about $62,000. Captrust Financial Advisors lifted its position in shares of Progress Software by 1,663.3% during the first quarter. Captrust Financial Advisors now owns 1,587 shares of the software maker’s stock valued at $70,000 after buying an additional 1,497 shares during the last quarter. Finally, Financial Management Professionals Inc. purchased a new stake in shares of Progress Software during the third quarter valued at about $77,000. 92.75% of the stock is owned by institutional investors.
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.