Progress Software Co. to Post Q4 2024 Earnings of $1.06 Per Share, Wedbush Forecasts (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS) – Equities research analysts at Wedbush boosted their Q4 2024 earnings per share (EPS) estimates for Progress Software in a report released on Wednesday, March 27th. Wedbush analyst D. Ives now expects that the software maker will post earnings per share of $1.06 for the quarter, up from their previous forecast of $0.99. Wedbush has a “Outperform” rating and a $67.00 price target 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:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis.

Several other research firms have also weighed in on PRGS. Oppenheimer reissued an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday. JPMorgan Chase & Co. dropped their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, DA Davidson initiated coverage on Progress Software in a research report on Thursday. They set a “buy” rating and a $65.00 price target on the stock. One equities research analyst has 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.50.

Progress Software Trading Up 1.3 %

NASDAQ:PRGS opened at $53.31 on Friday. Progress Software has a 1-year low of $49.02 and a 1-year high of $62.34. The business’s 50-day moving average price is $55.20 and its two-hundred day moving average price is $54.20. The company has a current ratio of 0.91, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 6.93 and a beta of 0.95.

Institutional Trading of Progress Software

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC acquired a new stake in shares of Progress Software in the fourth quarter valued at about $28,000. Headlands Technologies LLC acquired a new stake in shares of Progress Software in the third quarter valued at about $40,000. Orion Capital Management LLC acquired a new stake in shares of Progress Software in the third quarter valued at about $41,000. Federated Hermes Inc. grew its stake in Progress Software by 46.7% during the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after purchasing an additional 371 shares during the period. Finally, Clear Street Markets LLC acquired a new stake in Progress Software during the third quarter worth approximately $50,000.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 750 shares of Progress Software stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the sale, the executive vice president now owns 13,942 shares of the company’s stock, valued at approximately $726,657.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.41, for a total transaction of $430,575.00. Following the transaction, the chief financial officer now directly owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the transaction, the executive vice president now directly owns 13,942 shares in the company, valued at $726,657.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,998 shares of company stock valued at $4,651,992. 3.40% of the stock is owned by insiders.

Progress Software Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.175 dividend. 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%.

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.