DA Davidson Lifts Earnings Estimates for Progress Software

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

Other research analysts have also recently issued reports about the company. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday. Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Citigroup raised their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Wedbush reissued an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.17.

Progress Software Price Performance

Shares of Progress Software stock opened at $56.17 on Thursday. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88. 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 stock’s 50-day simple moving average is $55.89 and its 200-day simple moving average is $62.02. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its position in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Progress Software in the fourth quarter worth about $33,000. Smartleaf Asset Management LLC increased its stake in Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the period. GAMMA Investing LLC lifted its holdings in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after buying an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its position in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the period.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of Progress Software 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 transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,482 shares of company stock valued at $984,621. 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.