FY2024 Earnings Estimate for Progress Software Co. Issued By DA Davidson (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Investment analysts at DA Davidson boosted their FY2024 EPS estimates for Progress Software in a report issued on Wednesday, September 25th. DA Davidson analyst L. Schreiner now expects that the software maker will earn $3.96 per share for the year, up from their prior forecast of $3.90. DA Davidson has a “Buy” rating and a $70.00 price objective on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.91 per share. DA Davidson also issued estimates for Progress Software’s Q4 2024 earnings at $1.02 EPS.

Several other research firms also recently commented on PRGS. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Oppenheimer upped their price objective on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, Jefferies Financial Group decreased their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Progress Software currently has a consensus rating of “Buy” and an average target price of $66.00.

Progress Software Price Performance

PRGS opened at $66.30 on Thursday. The firm’s fifty day moving average price is $57.67 and its two-hundred day moving average price is $53.79. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 40.43, a P/E/G ratio of 7.28 and a beta of 0.91. Progress Software has a 1 year low of $48.00 and a 1 year high of $66.52.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progress Software news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Progress Software in the fourth quarter worth $15,701,000. Assetmark Inc. raised its position in Progress Software by 19.5% in the 4th quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock worth $179,000 after buying an additional 539 shares during the last quarter. US Bancorp DE grew its stake in shares of Progress Software by 2.2% during the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock valued at $1,016,000 after purchasing an additional 404 shares during the period. TFO Wealth Partners LLC grew its stake in shares of Progress Software by 225,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares during the period. Finally, Campbell & CO Investment Adviser LLC grew its stake in shares of Progress Software by 44.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 13,954 shares of the software maker’s stock valued at $758,000 after purchasing an additional 4,287 shares during the period.

Progress Software Company Profile

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.