DA Davidson Lowers Earnings Estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS - Free Report) - Equities researchers at DA Davidson cut their FY2025 earnings estimates for shares of Progress Software in a research report issued on Tuesday, April 15th. DA Davidson analyst L. Schreiner now expects that the software maker will earn $4.08 per share for the year, down from their prior estimate of $4.16. DA Davidson 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 $4.01 per share. DA Davidson also issued estimates for Progress Software's FY2026 earnings at $4.43 EPS.

Several other research analysts have also issued reports on the company. Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Jefferies Financial Group raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, January 6th. StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Wedbush reaffirmed an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. Finally, Guggenheim reaffirmed a "buy" rating and set a $83.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Progress Software currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded up $1.24 during trading hours on Thursday, hitting $56.07. 75,482 shares of the stock were exchanged, compared to its average volume of 551,700. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $2.41 billion, a P/E ratio of 35.96, a P/E/G ratio of 2.82 and a beta of 0.85. The company's 50 day moving average is $55.75 and its 200 day moving average is $61.48. Progress Software has a one year low of $48.00 and a one year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software's quarterly revenue was up 28.9% compared to the same quarter last year. During the same period last year, the firm posted $1.25 EPS.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. grew its position in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after buying an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Progress Software during the 4th quarter valued at $33,000. Smartleaf Asset Management LLC grew its position in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after buying an additional 688 shares during the period. GAMMA Investing LLC grew its stake in shares of 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 acquiring an additional 619 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock worth $141,000 after purchasing an additional 394 shares during the period.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ian Pitt sold 703 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. This represents a 7.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,185 shares of company stock valued at $1,024,193. Corporate insiders own 3.40% of the company's stock.

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.