FY2024 EPS Estimates for Progress Software Co. Lifted by Analyst (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Research analysts at Wedbush raised their FY2024 earnings per share estimates for Progress Software in a note issued to investors on Wednesday, September 25th. Wedbush analyst D. Ives now forecasts that the software maker will post earnings per share of $3.97 for the year, up from their prior estimate of $3.90. Wedbush currently has a “Outperform” rating and a $68.00 price target on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.91 per share. Wedbush also issued estimates for Progress Software’s Q4 2024 earnings at $1.01 EPS, Q1 2025 earnings at $1.00 EPS, Q2 2025 earnings at $0.95 EPS, Q3 2025 earnings at $1.02 EPS, Q4 2025 earnings at $1.32 EPS and FY2025 earnings at $4.29 EPS.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.35% and a net margin of 11.55%. The business’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share.

A number of other research firms also recently weighed in on PRGS. DA Davidson raised their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer lifted their target price on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. Guggenheim lifted their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group reduced their target price on 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Buy” and a consensus price target of $66.00.

Progress Software Stock Up 0.7 %

PRGS stock opened at $66.30 on Monday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The business has a 50 day moving average price of $57.67 and a two-hundred day moving average price of $53.79. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 40.43, a P/E/G ratio of 7.32 and a beta of 0.91. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.52.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board acquired a new position in Progress Software in the 2nd quarter valued at $27,000. Blue Trust Inc. raised its holdings in Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares in the last quarter. EntryPoint Capital LLC raised its holdings in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares in the last quarter. TFO Wealth Partners LLC raised its holdings in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after acquiring an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software in the 2nd quarter valued at $160,000.

Insider Buying and Selling

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,845 shares of company stock valued at $607,170. 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.