$146.52 Million in Sales Expected for Progress Software Co. (NASDAQ:PRGS) This Quarter

Donna B. Jones


Equities analysts expect that Progress Software Co. (NASDAQ:PRGSGet Rating) will announce $146.52 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Progress Software’s earnings, with the highest sales estimate coming in at $146.64 million and the lowest estimate coming in at $146.40 million. Progress Software reported sales of $129.20 million during the same quarter last year, which indicates a positive year over year growth rate of 13.4%. The firm is expected to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Progress Software will report full-year sales of $613.35 million for the current fiscal year, with estimates ranging from $613.30 million to $613.40 million. For the next fiscal year, analysts expect that the firm will report sales of $644.68 million, with estimates ranging from $643.96 million to $645.40 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Progress Software.

Progress Software (NASDAQ:PRGSGet Rating) last issued its quarterly earnings results on Tuesday, March 29th. The software maker reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. Progress Software had a return on equity of 39.08% and a net margin of 14.40%. The company had revenue of $147.51 million during the quarter, compared to analysts’ expectations of $139.24 million. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year.

Several research firms recently commented on PRGS. StockNews.com started coverage on Progress Software in a report on Thursday, March 31st. They issued a “strong-buy” rating on the stock. Zacks Investment Research lowered Progress Software from a “buy” rating to a “hold” rating in a report on Wednesday, June 1st. Finally, Citigroup raised their price target on Progress Software from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, March 30th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software currently has an average rating of “Buy” and an average target price of $56.00.

PRGS opened at $49.97 on Thursday. The stock has a market capitalization of $2.19 billion, a PE ratio of 27.92, a P/E/G ratio of 7.29 and a beta of 1.07. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.21 and a current ratio of 1.21. Progress Software has a one year low of $41.68 and a one year high of $53.99. The business’s 50 day moving average price is $47.51 and its 200 day moving average price is $46.60.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 1.40%. Progress Software’s dividend payout ratio is currently 39.11%.

In other Progress Software news, Director Charles Francis Kane sold 5,000 shares of the business’s stock in a transaction on Wednesday, April 27th. The stock was sold at an average price of $46.23, for a total value of $231,150.00. Following the completion of the transaction, the director now directly owns 83,208 shares in the company, valued at approximately $3,846,705.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Domenic Lococo sold 1,756 shares of the business’s stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $49.08, for a total value of $86,184.48. Following the completion of the transaction, the chief accounting officer now owns 1,647 shares of the company’s stock, valued at $80,834.76. The disclosure for this sale can be found here. Insiders have sold a total of 23,159 shares of company stock valued at $1,102,044 over the last 90 days. Insiders own 3.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. purchased a new stake in shares of Progress Software during the 1st quarter valued at $28,000. First Trust Advisors LP grew its stake in shares of Progress Software by 861.2% during the 1st quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock valued at $5,290,000 after buying an additional 106,818 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in shares of Progress Software during the 1st quarter valued at $164,000. Morgan Stanley boosted its position in Progress Software by 83.5% during the 2nd quarter. Morgan Stanley now owns 215,564 shares of the software maker’s stock worth $9,970,000 after purchasing an additional 98,118 shares during the period. Finally, Advisor Group Holdings Inc. lifted its holdings in Progress Software by 34.6% in the 3rd quarter. Advisor Group Holdings Inc. now owns 1,820 shares of the software maker’s stock worth $90,000 after buying an additional 468 shares in the last quarter. Institutional investors own 99.46% of the company’s stock.

Progress Software Company Profile (Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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