August 10, 2022

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Progress Software (NASDAQ:PRGS) Issues Quarterly Earnings Results, Beats Estimates By $0.12 EPS

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Development Program (NASDAQ:PRGSGet Ranking) issued its quarterly earnings data on Tuesday. The software program maker reported $.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $.85 by $.12, MarketWatch Earnings reports. The business had profits of $147.51 million in the course of the quarter, in contrast to the consensus estimate of $139.24 million. Development Program experienced a net margin of 14.76% and a return on equity of 39.12%. The firm’s earnings was up 11.9% as opposed to the exact same quarter previous yr. During the identical quarter in the prior calendar year, the agency gained $.82 EPS.

Shares of PRGS traded up $1.45 for the duration of investing hrs on Tuesday, hitting $46.20. The company’s inventory had a buying and selling quantity of 312,442 shares, in contrast to its ordinary quantity of 321,015. The firm has a current market cap of $2.04 billion, a rate-to-earnings ratio of 26.40, a PEG ratio of 6.50 and a beta of 1.15. The business has a credit card debt-to-equity ratio of 1.30, a recent ratio of 1.05 and a speedy ratio of 1.05. The small business has a 50 working day easy shifting common of $44.64 and a two-hundred day simple relocating average of $47.40. Development Application has a 52-7 days very low of $41.68 and a 52-week significant of $53.99.

The company also a short while ago declared a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of document on Tuesday, March 1st have been paid a $.175 dividend. The ex-dividend day was Monday, February 28th. This represents a $.70 annualized dividend and a dividend produce of 1.52%. Development Software’s payout ratio is 40.00%.

A number of research companies have a short while ago weighed in on PRGS. Zacks Expenditure Study minimize shares of Development Software from a “buy” ranking to a “hold” rating in a study report on Wednesday, March 23rd. upgraded shares of Progress Computer software from a “buy” ranking to a “strong-buy” rating in a report on Friday, February 25th. Finally, Citigroup dropped their cost aim on shares of Progress Software from $50.00 to $48.00 in a investigation notice on Wednesday, January 19th. Two analysts have rated the inventory with a maintain score, a few have issued a obtain score and one particular has supplied a solid buy rating to the firm. In accordance to, the inventory at this time has an ordinary rating of “Buy” and a consensus rate goal of $55.00.

A selection of institutional buyers have just lately made improvements to their positions in PRGS. Morgan Stanley lifted its position in Development Program by 83.5% through the 2nd quarter. Morgan Stanley now owns 215,564 shares of the software package maker’s stock valued at $9,970,000 right after obtaining an more 98,118 shares through the past quarter. LPL Money LLC lifted its holdings in shares of Progress Application by 382.3% in the 4th quarter. LPL Financial LLC now owns 75,952 shares of the software program maker’s inventory truly worth $3,666,000 after getting an supplemental 60,205 shares in the course of the last quarter. Stifel Financial Corp bought a new stake in shares of Development Application in the 4th quarter worthy of somewhere around $2,322,000. BlackRock Inc. lifted its holdings in shares of Development Application by .4% in the 4th quarter. BlackRock Inc. now owns 8,136,361 shares of the program maker’s stock really worth $392,743,000 after obtaining an added 30,599 shares for the duration of the very last quarter. Lastly, Kingsview Prosperity Administration LLC purchased a new stake in Progress Computer software in the course of the 4th quarter valued at $997,000. Institutional investors and hedge cash have 99.56% of the company’s stock.

Progress Program Firm Profile (Get Score)

Progress Software package Company develops, deploys, and manages company programs. The corporation features OpenEdge, a enhancement application, which builds multi-language apps for safe deployment throughout several platforms and units, as perfectly as cloud developer applications that is composed of factors for consumer interface growth for Web, cellular, desktop, chat, and AR/VR applications, as effectively as automatic software tests and reporting equipment Sitefinity, a website content material management and client analytics system Corticon, a small business regulations administration method that offers programs with conclusion automation and alter approach, and choice-similar insight abilities.

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Earnings History for Progress Software (NASDAQ:PRGS)

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