August 19, 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 Score) issued its quarterly earnings data on Tuesday. The software package maker reported $.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $.85 by $.12, MarketWatch Earnings reports. The organization had profits of $147.51 million during the quarter, when compared to the consensus estimate of $139.24 million. Progress Application had a web margin of 14.76% and a return on equity of 39.12%. The firm’s income was up 11.9% in comparison to the same quarter past year. In the course of the same quarter in the prior calendar year, the agency acquired $.82 EPS.

Shares of PRGS traded up $1.45 all through investing several hours on Tuesday, hitting $46.20. The company’s inventory experienced a investing volume of 312,442 shares, when compared to its common quantity of 321,015. The enterprise has a marketplace cap of $2.04 billion, a value-to-earnings ratio of 26.40, a PEG ratio of 6.50 and a beta of 1.15. The corporation has a credit card debt-to-equity ratio of 1.30, a latest ratio of 1.05 and a fast ratio of 1.05. The business enterprise has a 50 day uncomplicated moving average of $44.64 and a two-hundred day uncomplicated moving ordinary of $47.40. Development Software program has a 52-week reduced of $41.68 and a 52-week significant of $53.99.

The company also not long ago announced a quarterly dividend, which was paid out on Tuesday, March 15th. Stockholders of file on Tuesday, March 1st have been paid a $.175 dividend. The ex-dividend day was Monday, February 28th. This signifies a $.70 annualized dividend and a dividend yield of 1.52%. Development Software’s payout ratio is 40.00%.

A number of exploration firms have recently weighed in on PRGS. Zacks Expenditure Exploration minimize shares of Progress Software program from a “buy” score to a “hold” rating in a research report on Wednesday, March 23rd. StockNews.com upgraded shares of Development Program from a “buy” score to a “strong-buy” rating in a report on Friday, February 25th. Lastly, Citigroup dropped their price goal on shares of Development Software program from $50.00 to $48.00 in a investigation note on Wednesday, January 19th. Two analysts have rated the stock with a maintain score, three have issued a acquire score and a person has presented a powerful purchase rating to the corporation. In accordance to MarketBeat.com, the inventory at this time has an normal score of “Buy” and a consensus selling price target of $55.00.

A variety of institutional traders have a short while ago designed modifications to their positions in PRGS. Morgan Stanley lifted its posture in Development Computer software by 83.5% through the second quarter. Morgan Stanley now owns 215,564 shares of the application maker’s stock valued at $9,970,000 just after paying for an extra 98,118 shares in the course of the last quarter. LPL Fiscal LLC lifted its holdings in shares of Development Application by 382.3% in the 4th quarter. LPL Economical LLC now owns 75,952 shares of the computer software maker’s inventory worth $3,666,000 right after acquiring an added 60,205 shares during the very last quarter. Stifel Fiscal Corp acquired a new stake in shares of Progress Application in the 4th quarter worth around $2,322,000. BlackRock Inc. lifted its holdings in shares of Progress Software by .4% in the 4th quarter. BlackRock Inc. now owns 8,136,361 shares of the application maker’s inventory worthy of $392,743,000 just after getting an more 30,599 shares through the very last quarter. Finally, Kingsview Wealth Administration LLC acquired a new stake in Progress Program throughout the 4th quarter valued at $997,000. Institutional investors and hedge resources own 99.56% of the company’s inventory.

Development Software program Business Profile (Get Rating)

Progress Software package Company develops, deploys, and manages company programs. The firm provides OpenEdge, a growth software program, which builds multi-language purposes for secure deployment across different platforms and equipment, as effectively as cloud developer equipment that is made up of components for user interface growth for World-wide-web, cellular, desktop, chat, and AR/VR applications, as perfectly as automatic application screening and reporting tools Sitefinity, a web content administration and customer analytics platform Corticon, a company guidelines management method that delivers apps with determination automation and transform course of action, and conclusion-relevant insight capabilities.

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Earnings History for Progress Software (NASDAQ:PRGS)

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