Progress Software (NASDAQ:PRGS) Issues Earnings Results

Progress Software (NASDAQ:PRGS - Get Free Report) announced its quarterly earnings data on Monday. The software maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.30 by $0.10, RTT News reports. The firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company's revenue was up 35.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 EPS. Progress Software updated its FY 2025 guidance to 5.280-5.400 EPS and its Q3 2025 guidance to 1.280-1.340 EPS.

Progress Software Trading Down 2.9%

Shares of PRGS stock traded down $1.62 during mid-day trading on Wednesday, reaching $53.90. The stock had a trading volume of 2,233,648 shares, compared to its average volume of 588,254. The stock's 50-day moving average price is $61.88 and its two-hundred day moving average price is $59.66. Progress Software has a 52-week low of $50.68 and a 52-week high of $70.56. The firm has a market capitalization of $2.32 billion, a PE ratio of 41.15, a price-to-earnings-growth ratio of 2.66 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.79 and a debt-to-equity ratio of 2.43.

Insider Activity

In related news, insider Ian Pitt sold 703 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider directly owned 8,317 shares of the company's stock, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRGS. Advisors Asset Management Inc. raised its holdings in Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after purchasing an additional 604 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Progress Software by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker's stock valued at $1,321,000 after purchasing an additional 1,454 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Progress Software by 45.0% during the first quarter. Intech Investment Management LLC now owns 28,202 shares of the software maker's stock valued at $1,453,000 after buying an additional 8,756 shares during the period. AQR Capital Management LLC raised its stake in Progress Software by 16.9% in the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker's stock worth $2,194,000 after buying an additional 6,147 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in Progress Software by 206.8% in the first quarter. Jane Street Group LLC now owns 111,326 shares of the software maker's stock worth $5,734,000 after buying an additional 75,044 shares during the period.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PRGS. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Citigroup reissued a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. DA Davidson raised their price objective on Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday. Guggenheim reiterated a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.17.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. 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, an 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.