DA Davidson Raises Earnings Estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS) – Analysts at DA Davidson raised their FY2025 EPS estimates for Progress Software in a research report issued to clients and investors on Tuesday, April 1st. DA Davidson analyst L. Schreiner now anticipates that the software maker will post earnings of $4.17 per share for the year, up from their previous forecast of $4.03. DA Davidson currently has a “Buy” rating and a $75.00 price objective on the stock. The consensus estimate for Progress Software’s current full-year earnings is $4.01 per share.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same quarter in the prior year, the business earned $1.25 EPS. Progress Software’s quarterly revenue was up 28.9% on a year-over-year basis.

A number of other research firms also recently weighed in on PRGS. Citigroup lifted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Jefferies Financial Group increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a report on Tuesday. Finally, Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $75.17.

Progress Software Stock Performance

NASDAQ:PRGS opened at $58.98 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a 50 day simple moving average of $55.75 and a 200 day simple moving average of $62.06. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The stock has a market cap of $2.54 billion, a P/E ratio of 37.81, a PEG ratio of 2.82 and a beta of 0.88.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assetmark Inc. boosted its position in Progress Software by 6.6% in the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after buying an additional 204 shares in the last quarter. Summit Investment Advisors Inc. grew its position in Progress Software by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock worth $290,000 after acquiring an additional 239 shares during the last quarter. First Trust Advisors LP grew its position in Progress Software by 0.3% during the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock worth $6,248,000 after acquiring an additional 281 shares during the last quarter. Bessemer Group Inc. increased its holdings in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after purchasing an additional 296 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares in the last quarter.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. Company 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.