Brokers Issue Forecasts for Progress Software Co.'s Q4 2024 Earnings (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS - Free Report) - Investment analysts at Wedbush upped their Q4 2024 earnings estimates for Progress Software in a research report issued on Wednesday, March 27th. Wedbush analyst D. Ives now expects that the software maker will post earnings per share of $1.06 for the quarter, up from their previous forecast of $0.99. Wedbush currently has a "Outperform" rating and a $67.00 target price on the stock. The consensus estimate for Progress Software's current full-year earnings is $3.79 per share. Wedbush also issued estimates for Progress Software's Q1 2025 earnings at $1.11 EPS and Q3 2025 earnings at $1.10 EPS.

A number of other equities analysts have also weighed in on PRGS. Oppenheimer restated an "outperform" rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday. DA Davidson initiated coverage on shares of Progress Software in a research report on Thursday. They set a "buy" rating and a $65.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Progress Software from $65.00 to $63.00 and set an "overweight" rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and six 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 price target of $64.50.

Progress Software Price Performance

PRGS traded up $0.68 on Friday, reaching $53.31. 1,198,960 shares of the company's stock were exchanged, compared to its average volume of 690,323. The stock has a market cap of $2.34 billion, a PE ratio of 34.62, a P/E/G ratio of 6.93 and a beta of 0.95. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34. The stock's fifty day moving average price is $55.11 and its 200-day moving average price is $54.17. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.91 and a quick ratio of 0.94.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. Progress Software's quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 earnings per share.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software's dividend payout ratio (DPR) is presently 45.45%.

Insider Activity

In other news, CEO Yogesh K. Gupta sold 40,174 shares of the business's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total value of $2,287,909.30. Following the sale, the chief executive officer now directly owns 186,558 shares of the company's stock, valued at approximately $10,624,478.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Sundar Subramanian sold 750 shares of the company's stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $52.12, for a total transaction of $39,090.00. Following the sale, the executive vice president now directly owns 13,942 shares of the company's stock, valued at approximately $726,657.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Yogesh K. Gupta sold 40,174 shares of the company's stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the sale, the chief executive officer now directly owns 186,558 shares in the company, valued at $10,624,478.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,998 shares of company stock valued at $4,651,992. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Several large investors have recently added to or reduced their stakes in PRGS. Raymond James & Associates grew its holdings in Progress Software by 23.6% during the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker's stock worth $2,361,000 after acquiring an additional 9,590 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Progress Software by 19.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker's stock worth $322,000 after acquiring an additional 1,108 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Progress Software by 57.1% in the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker's stock valued at $1,097,000 after buying an additional 8,470 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Progress Software by 7.3% in the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker's stock valued at $5,269,000 after buying an additional 7,594 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Progress Software by 14.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker's stock valued at $1,794,000 after buying an additional 4,951 shares in 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.