Progress Software (PRGS) Expected to Announce Earnings on Monday

Progress Software (NASDAQ:PRGS) is projected to announce its earnings results before the market opens on Monday, March 31st. Analysts expect the company to announce earnings of $1.04 per share and revenue of $235.64 million for the quarter.

Progress Software Trading Down 4.0 %

Progress Software stock opened at $51.39 on Friday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $2.23 billion, a P/E ratio of 32.94, a PEG ratio of 2.82 and a beta of 0.88. The firm’s 50 day moving average price is $56.06 and its 200-day moving average price is $62.06. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 15,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock valued at $984,621 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRGS has been the subject of a number of research analyst reports. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Citigroup lifted their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, DA Davidson restated a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $74.00.

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.