Q3 2024 Earnings Estimate for Progress Software Co. (NASDAQ:PRGS) Issued By DA Davidson

Progress Software Co. (NASDAQ:PRGS) – Equities researchers at DA Davidson issued their Q3 2024 earnings per share estimates for shares of Progress Software in a research report issued on Wednesday, June 26th. DA Davidson analyst L. Schreiner expects 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 analysts have also weighed in on the company. Jefferies Financial Group cut their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Guggenheim restated a “buy” rating and set a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. JPMorgan Chase & Co. dropped their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $63.14.

Progress Software Stock Performance

PRGS opened at $54.26 on Monday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34. The business’s 50 day moving average is $50.61 and its 200-day moving average is $52.99. The stock has a market cap of $2.35 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 7.06 and a beta of 0.93.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.29%. Progress Software’s payout ratio is 42.68%.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 3,767 shares of the company’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 of the company’s stock, valued at $1,895,871. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the transaction, the chief financial officer now directly owns 37,542 shares in the company, valued at $1,895,871. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Ainsworth sold 30,631 shares of Progress Software stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $51.03, for a total value of $1,563,099.93. Following the transaction, the executive vice president now directly owns 32,002 shares of the company’s stock, valued at $1,633,062.06. The disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock valued at $2,841,941 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Progress Software by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after purchasing an additional 95,594 shares during the last quarter. Boston Trust Walden Corp raised its position in shares of Progress Software by 2.0% during the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after acquiring an additional 33,289 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Progress Software by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after acquiring an additional 23,097 shares during the period. Principal Financial Group Inc. boosted its holdings in Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after acquiring an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Progress Software by 79.0% during the 1st 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 last quarter.

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.