Progress Software Co. to Post FY2024 Earnings of $3.97 Per Share, Wedbush Forecasts (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Analysts at Wedbush increased their FY2024 earnings estimates for Progress Software in a report issued on Wednesday, September 25th. Wedbush analyst D. Ives now expects that the software maker will post earnings of $3.97 per share for the year, up from their previous forecast of $3.90. Wedbush 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 announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.35% and a net margin of 11.55%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year.

PRGS has been the topic of a number of other research reports. Oppenheimer boosted their target price on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report 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. Guggenheim upped their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group reduced their price objective 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 research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $66.00.

Progress Software Price Performance

Shares of PRGS opened at $65.80 on Monday. The firm has a market cap of $2.81 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 7.32 and a beta of 0.91. Progress Software has a 52-week low of $48.00 and a 52-week high of $67.48. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The business’s 50 day moving average price is $58.10 and its two-hundred day moving average price is $53.99.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the 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 completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction 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 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 Securities & Exchange Commission, which is available at 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 in the company, valued at $174,185. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,845 shares of company stock worth $607,170. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in Progress Software in the 2nd quarter valued at $27,000. Blue Trust Inc. increased its stake in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. EntryPoint Capital LLC raised its holdings in Progress Software by 993.5% during 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 during the period. TFO Wealth Partners LLC raised its stake in shares of Progress Software by 225,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares during the period. Finally, Quest Partners LLC purchased a new position in Progress Software during the 2nd quarter valued at about $160,000.

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.