Progress Software Co. (NASDAQ:PRGS – Get Rating) – Wedbush decreased their Q4 2023 earnings per share estimates for Progress Software in a report released on Wednesday, January 18th. Wedbush analyst D. Ives now forecasts that the software maker will post earnings of $0.89 per share for the quarter, down from their prior forecast of $0.96. The consensus estimate for Progress Software’s current full-year earnings is $3.46 per share. Wedbush also issued estimates for Progress Software’s Q2 2024 earnings at $1.01 EPS, Q3 2024 earnings at $1.02 EPS and Q4 2024 earnings at $1.08 EPS.
Several other research firms have also recently commented on PRGS. Citigroup reduced their price target on Progress Software from $52.00 to $46.00 in a research report on Thursday, September 29th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 3rd. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average price target of $52.75.
Progress Software Price Performance
Progress Software (NASDAQ:PRGS – Get Rating) last announced its quarterly earnings results on Tuesday, January 17th. The software maker reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. Progress Software had a return on equity of 39.31% and a net margin of 14.75%. The firm had revenue of $159.17 million for the quarter, compared to analysts’ expectations of $163.04 million. During the same period in the prior year, the business posted $0.92 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year.
Progress Software Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Tuesday, February 28th. Progress Software’s dividend payout ratio is currently 35.90%.
Insider Transactions at Progress Software
In other news, EVP Loren Jarrett sold 4,215 shares of the firm’s stock in a transaction on Friday, November 4th. The stock was sold at an average price of $48.95, for a total value of $206,324.25. Following the transaction, the executive vice president now directly owns 15,455 shares in the company, valued at approximately $756,522.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Progress Software news, EVP Loren Jarrett sold 4,215 shares of the business’s stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $48.95, for a total transaction of $206,324.25. Following the sale, the executive vice president now directly owns 15,455 shares of the company’s stock, valued at $756,522.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Domenic Lococo sold 2,396 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $52.07, for a total value of $124,759.72. Following the transaction, the chief accounting officer now owns 1,386 shares of the company’s stock, valued at approximately $72,169.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,340 shares of company stock valued at $1,948,754. Corporate insiders own 3.20% of the company’s stock.
Institutional Trading of Progress Software
Hedge funds have recently bought and sold shares of the business. Ronald Blue Trust Inc. boosted its position in shares of Progress Software by 123.2% during the 4th quarter. Ronald Blue Trust Inc. now owns 953 shares of the software maker’s stock worth $41,000 after purchasing an additional 526 shares during the period. Federated Hermes Inc. raised its stake in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after acquiring an additional 371 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Progress Software in the third quarter valued at $87,000. Counterpoint Mutual Funds LLC acquired a new position in Progress Software in the fourth quarter valued at $123,000. Finally, Penserra Capital Management LLC increased its stake in shares of Progress Software by 50.0% during the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock worth $123,000 after acquiring an additional 874 shares during the period.
About Progress Software
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.
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