DA Davidson Analysts Increase Earnings Estimates for Progress Software Co. (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – DA Davidson upped their FY2025 EPS estimates for shares of Progress Software in a research note issued to investors on Wednesday, September 25th. DA Davidson analyst L. Schreiner now expects that the software maker will post earnings per share of $5.15 for the year, up from their previous estimate of $4.19. DA Davidson currently has a “Buy” rating and a $70.00 price target on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.91 per share.

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

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $66.30 on Friday. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 7.28 and a beta of 0.91. 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 50 day simple moving average of $57.67 and a 200 day simple moving average of $53.79. Progress Software has a one year low of $48.00 and a one year high of $66.52.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million for 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%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently bought and sold shares of PRGS. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares during the period. Norges Bank acquired a new stake in Progress Software in the fourth quarter worth $15,701,000. Swedbank AB grew its holdings in Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after purchasing an additional 280,195 shares during the period. Marshall Wace LLP grew its holdings in Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after purchasing an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp grew its holdings in Progress Software by 10.9% in the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares during the period.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. 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.