Progress Software (PRGS) to Release Quarterly Earnings on Tuesday

Progress Software (NASDAQ:PRGS) is expected to issue its quarterly earnings data before the market opens on Tuesday, March 25th. Analysts expect the company to announce earnings of $1.04 per share and revenue of $235.64 million for the quarter.

Progress Software Stock Performance

Progress Software stock opened at $55.34 on Tuesday. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $2.40 billion, a P/E ratio of 35.47, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The firm’s fifty day moving average price is $57.63 and its 200-day moving average price is $62.33.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRGS. Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $72.43.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,482 shares of company stock valued at $984,621. Insiders own 3.40% of the company’s stock.

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.