Analysts Set Expectations for Progress Software Co.’s Q3 2024 Earnings (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Research analysts at DA Davidson issued their Q3 2024 EPS estimates for Progress Software in a report issued on Wednesday, June 26th. DA Davidson analyst L. Schreiner forecasts that the software maker will post earnings of $0.94 per share for the quarter. DA Davidson has a “Buy” rating and a $65.00 price target 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 research analysts also recently commented on the stock. Oppenheimer reissued an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. JPMorgan Chase & Co. dropped their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Guggenheim restated a “buy” rating and issued a $64.00 price objective on shares of Progress Software in a research report on Tuesday, June 25th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.14.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $54.84 on Monday. The stock’s 50-day moving average is $50.72 and its 200 day moving average is $52.97. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 33.44, a P/E/G ratio of 6.97 and a beta of 0.93. Progress Software has a 1-year low of $48.00 and a 1-year high of $62.34. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Institutional Trading of Progress Software

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in Progress Software during the fourth quarter valued at approximately $28,000. Orion Capital Management LLC bought a new position in Progress Software in the 3rd quarter worth $41,000. Blue Trust Inc. lifted its position in Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. bought a new stake in Progress Software during the fourth quarter valued at about $68,000. Finally, EntryPoint Capital LLC increased its position in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares in the last quarter.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of Progress Software 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 owns 37,542 shares in the company, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the transaction, the executive vice president now owns 17,195 shares in the company, valued at approximately $857,858.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,761 shares of company stock valued at $2,841,941. 3.30% of the stock is currently owned by company insiders.

Progress Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.28%. Progress Software’s dividend payout ratio (DPR) is 42.68%.

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.