Brokers Issue Forecasts for Progress Software Co.’s Q1 2023 Earnings (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGSGet Rating) – Investment analysts at Wedbush decreased their Q1 2023 earnings estimates for shares of Progress Software in a research note issued to investors on Wednesday, January 18th. Wedbush analyst D. Ives now anticipates that the software maker will earn $0.87 per share for the quarter, down from their prior forecast of $0.89. The consensus estimate for Progress Software’s current full-year earnings is $3.44 per share. Wedbush also issued estimates for Progress Software’s Q2 2023 earnings at $0.84 EPS, Q3 2023 earnings at $0.86 EPS, FY2023 earnings at $3.44 EPS, Q1 2024 earnings at $0.94 EPS and FY2024 earnings at $4.05 EPS.

PRGS has been the topic of several other research reports. Citigroup lowered their price target 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 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.75.

Progress Software Stock Up 1.1 %

Progress Software stock opened at $51.95 on Monday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.30 and a current ratio of 1.33. The stock has a market cap of $2.23 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 7.56 and a beta of 1.05. Progress Software has a fifty-two week low of $40.33 and a fifty-two week high of $54.23. The firm’s 50-day simple moving average is $51.83 and its 200 day simple moving average is $48.57.

Progress Software (NASDAQ:PRGSGet Rating) last issued its quarterly earnings results on Tuesday, January 17th. The software maker reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.03. Progress Software had a net margin of 15.79% and a return on equity of 41.17%. The company had revenue of $159.17 million for the quarter, compared to analyst estimates of $163.04 million. During the same quarter in the previous year, the business earned $0.92 earnings per share. Progress Software’s revenue was up 10.7% compared to the same quarter last year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Tuesday, February 28th. Progress Software’s payout ratio is presently 32.41%.

Insider Activity

In other news, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following 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 hyperlink. In related news, CEO Yogesh K. Gupta sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $51.32, for a total value of $256,600.00. Following the transaction, the chief executive officer now owns 45,000 shares of the company’s stock, valued at $2,309,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,886 shares in the company, valued at approximately $96,072.84. The disclosure for this sale can be found here. Insiders have sold a total of 37,340 shares of company stock valued at $1,948,754 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. lifted its holdings in Progress Software by 9.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 34,147 shares of the software maker’s stock valued at $1,547,000 after purchasing an additional 2,907 shares in the last quarter. Whittier Trust Co. lifted its holdings in Progress Software by 1.6% during the second quarter. Whittier Trust Co. now owns 67,323 shares of the software maker’s stock valued at $3,049,000 after purchasing an additional 1,040 shares in the last quarter. Versor Investments LP bought a new stake in shares of Progress Software during the third quarter valued at approximately $608,000. King Luther Capital Management Corp bought a new stake in shares of Progress Software during the second quarter valued at approximately $313,000. Finally, Sciencast Management LP bought a new stake in shares of Progress Software during the second quarter valued at approximately $352,000.

About Progress Software

(Get Rating)

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.

See Also

Earnings History and Estimates for Progress Software (NASDAQ:PRGS)

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