DA Davidson Boosts Earnings Estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS) – Equities research analysts at DA Davidson lifted their FY2025 EPS estimates for Progress Software in a report released on Tuesday, April 1st. DA Davidson analyst L. Schreiner now anticipates that the software maker will earn $4.17 per share for the year, up from their prior estimate of $4.03. DA Davidson 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 issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share.

Several other analysts also recently issued reports on PRGS. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup boosted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Tuesday. Jefferies Financial Group upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research report 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Stock Up 2.1 %

Progress Software stock opened at $58.98 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm’s fifty day moving average is $55.75 and its 200 day moving average is $62.06. The company has a market capitalization of $2.54 billion, a PE ratio of 37.81, a PEG ratio of 2.82 and a beta of 0.88. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. raised its holdings in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Progress Software in the fourth quarter worth approximately $33,000. Smartleaf Asset Management LLC boosted its stake in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the last quarter. GAMMA Investing LLC increased its holdings in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its position in 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 during the period.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the 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 transaction, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 over the last three months. 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.