Brokers Offer Predictions for Progress Software Co.’s Q2 2023 Earnings (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS – Get Rating) – Equities researchers at Oppenheimer decreased their Q2 2023 earnings estimates for shares of Progress Software in a research report issued to clients and investors on Tuesday, January 17th. Oppenheimer analyst I. Kidron now forecasts that the software maker will post earnings per share of $0.83 for the quarter, down from their prior forecast of $0.90. The consensus estimate for Progress Software’s current full-year earnings is $3.46 per share. Oppenheimer also issued estimates for Progress Software’s Q3 2023 earnings at $0.76 EPS and Q4 2023 earnings at $1.03 EPS.

Progress Software (NASDAQ:PRGS – Get Rating) last issued its quarterly earnings data on Tuesday, January 17th. The software maker reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $159.17 million during the quarter, compared to analyst estimates of $163.04 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.92 EPS.

Other analysts also recently issued research reports about the stock. Citigroup decreased their target price on shares of Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3rd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $52.75.

Progress Software Stock Up 1.1 %

Shares of NASDAQ PRGS opened at $51.95 on Friday. The company has a 50 day simple moving average of $51.83 and a 200 day simple moving average of $48.52. The firm has a market cap of $2.23 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 7.17 and a beta of 1.05. Progress Software has a 1 year low of $40.33 and a 1 year high of $54.23. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.30 and a quick ratio of 1.30.

Progress Software Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Tuesday, February 28th. Progress Software’s dividend payout ratio (DPR) is 35.90%.

Insider Transactions at Progress Software

In other news, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the sale, the chief accounting officer now owns 1,886 shares of the company’s stock, valued at approximately $96,072.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the sale, the chief accounting officer now owns 1,886 shares of the company’s stock, valued at approximately $96,072.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Loren Jarrett sold 4,215 shares of Progress Software stock in a transaction on Friday, November 4th. The shares were sold at an average price of $48.95, for a total transaction of $206,324.25. Following the completion of the sale, the executive vice president now directly owns 15,455 shares of the company’s stock, valued at approximately $756,522.25. The disclosure for this sale can be found here. Insiders sold a total of 37,340 shares of company stock valued at $1,948,754 in the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

Several hedge funds have recently bought and sold shares of PRGS. Victory Capital Management Inc. grew its position in Progress Software by 240.5% in the 2nd quarter. Victory Capital Management Inc. now owns 909,304 shares of the software maker’s stock valued at $41,192,000 after purchasing an additional 642,226 shares during the period. Seizert Capital Partners LLC grew its position in Progress Software by 275.2% in the 2nd quarter. Seizert Capital Partners LLC now owns 734,925 shares of the software maker’s stock valued at $33,292,000 after purchasing an additional 539,050 shares during the period. Wellington Management Group LLP lifted its stake in Progress Software by 25.4% during the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after acquiring an additional 250,733 shares in the last quarter. Boston Trust Walden Corp lifted its stake in Progress Software by 12.6% during the 2nd quarter. Boston Trust Walden Corp now owns 1,580,601 shares of the software maker’s stock valued at $71,601,000 after acquiring an additional 176,432 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its stake in Progress Software by 94.6% during the 2nd quarter. Ceredex Value Advisors LLC now owns 282,192 shares of the software maker’s stock valued at $12,783,000 after acquiring an additional 137,184 shares in the last quarter.

About Progress Software

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Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.