Progress Software (PRGS) Sees Large Volume Increase Following Better-Than-Expected Earnings

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Progress Software Co. (NASDAQ:PRGS) saw unusually-strong trading volume on Thursday following a better than expected earnings announcement. Approximately 2,024,969 shares traded hands during trading, an increase of 315% from the previous session’s volume of 487,813 shares.The stock last traded at $40.93 and had previously closed at $34.80.

The software maker reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.07. The company had revenue of $96.10 million for the quarter, compared to analysts’ expectations of $95.03 million. Progress Software had a return on equity of 25.03% and a net margin of 13.86%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.42 EPS.

A number of equities research analysts have recently commented on PRGS shares. ValuEngine cut Progress Software from a “buy” rating to a “hold” rating in a research note on Wednesday, March 7th. BidaskClub lowered Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, March 8th. Benchmark lowered Progress Software from a “hold” rating to a “sell” rating in a report on Thursday, March 8th. Zacks Investment Research lowered Progress Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 14th. Finally, Wedbush reissued a “neutral” rating and issued a $42.00 price objective on shares of Progress Software in a report on Thursday, March 29th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Progress Software currently has an average rating of “Hold” and a consensus target price of $37.67.

In related news, Director Michael Mark sold 12,690 shares of Progress Software stock in a transaction dated Thursday, April 19th. The stock was sold at an average price of $38.84, for a total value of $492,879.60. Following the completion of the sale, the director now owns 212,605 shares of the company’s stock, valued at approximately $8,257,578.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. grew its holdings in Progress Software by 1,425.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,843 shares of the software maker’s stock valued at $147,000 after buying an additional 3,591 shares in the last quarter. Point72 Asia Hong Kong Ltd purchased a new position in Progress Software during the 1st quarter valued at about $149,000. SG Americas Securities LLC purchased a new position in Progress Software during the 1st quarter valued at about $209,000. Xact Kapitalforvaltning AB purchased a new position in Progress Software during the 4th quarter valued at about $235,000. Finally, Pitcairn Co. purchased a new position in Progress Software during the 1st quarter valued at about $228,000. 94.00% of the stock is owned by institutional investors and hedge funds.

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 22.57 and a beta of 0.89.

Progress Software Company Profile

Progress Software Corporation provides software solutions for various industries worldwide. It operates through three segments: OpenEdge; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.

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