Progress Software Co. to Post Q3 2024 Earnings of $0.94 Per Share, DA Davidson Forecasts (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Stock analysts at DA Davidson issued their Q3 2024 earnings per share estimates for Progress Software in a research note issued on Wednesday, June 26th. DA Davidson analyst L. Schreiner anticipates that the software maker will post earnings per share of $0.94 for the quarter. DA Davidson currently has a “Buy” rating and a $65.00 target price on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.89 per share. DA Davidson also issued estimates for Progress Software’s FY2024 earnings at $3.90 EPS and FY2025 earnings at $4.19 EPS.

Several other brokerages have also issued reports on PRGS. Guggenheim reissued a “buy” rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Oppenheimer reissued an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.14.

Progress Software Stock Performance

Shares of Progress Software stock opened at $53.55 on Monday. 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 firm has a market cap of $2.31 billion, a P/E ratio of 32.65, a P/E/G ratio of 6.97 and a beta of 0.93. The firm has a 50 day simple moving average of $50.66 and a 200 day simple moving average of $52.97. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $62.34.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, August 30th. Progress Software’s dividend payout ratio is presently 42.68%.

Insider Activity

In other news, EVP John Ainsworth sold 30,631 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total value of $1,563,099.93. Following the completion of the transaction, the executive vice president now directly owns 32,002 shares of the company’s stock, valued at $1,633,062.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, EVP John Ainsworth sold 30,631 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total transaction of $1,563,099.93. Following the sale, the executive vice president now owns 32,002 shares in the company, valued at $1,633,062.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock valued at $2,841,941 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of Progress Software

Large investors have recently bought and sold shares of the company. HighTower Advisors LLC purchased a new position in Progress Software in the 3rd quarter worth approximately $330,000. Envestnet Asset Management Inc. lifted its stake in Progress Software by 10.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 104,671 shares of the software maker’s stock worth $5,504,000 after purchasing an additional 10,155 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $626,000. Algert Global LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $237,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Progress Software in the 3rd quarter worth about $2,560,000.

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.