Equities Analysts Set Expectations for Progress Software Co.’s Q4 2024 Earnings (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGSFree Report) – Equities researchers at Wedbush boosted their Q4 2024 earnings estimates for shares of Progress Software in a research report issued on Wednesday, March 27th. Wedbush analyst D. Ives now forecasts that the software maker will earn $1.06 per share for the quarter, up from their prior estimate 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.

Progress Software (NASDAQ:PRGSGet Free Report) last posted its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 earnings per share.

A number of other analysts have also commented on PRGS. JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday. DA Davidson began coverage on shares of Progress Software in a report on Thursday. They set a “buy” rating and a $65.00 target price on the stock. Finally, Oppenheimer restated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.60.

Read Our Latest Stock Report on Progress Software

Progress Software Stock Up 1.3 %

Shares of NASDAQ:PRGS opened at $53.31 on Friday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 0.91. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The company has a market capitalization of $2.34 billion, a PE ratio of 34.62, a price-to-earnings-growth ratio of 6.93 and a beta of 0.95. The company has a fifty day moving average of $55.11 and a 200-day moving average of $54.17.

Progress Software Announces Dividend

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 given 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 is presently 45.45%.

Insiders Place Their Bets

In other news, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the completion of the sale, the executive vice president now directly owns 15,399 shares in the company, valued at $809,679.42. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the transaction, the executive vice president now directly owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 4,503 shares of the company’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $57.00, for a total value of $256,671.00. Following the sale, the chief accounting officer now owns 2,900 shares in the company, valued at approximately $165,300. The disclosure for this sale can be found here. In the last 90 days, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Large investors have recently modified their holdings of the stock. Comerica Bank bought a new position in Progress Software during the second quarter worth $37,308,000. Mizuho Markets Americas LLC acquired a new stake in shares of Progress Software in the 3rd quarter valued at about $27,737,000. Norges Bank acquired a new stake in shares of Progress Software in the 4th quarter valued at about $20,040,000. Diamond Hill Capital Management Inc. bought a new stake in Progress Software in the 3rd quarter valued at about $18,751,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Progress Software by 1,128.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 355,742 shares of the software maker’s stock worth $20,437,000 after buying an additional 326,780 shares during the period.

Progress Software Company Profile

(Get Free Report)

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.

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