DA Davidson Analysts Decrease Earnings Estimates for PRGS

Progress Software Co. (NASDAQ:PRGS) – Research analysts at DA Davidson lowered their FY2025 earnings per share (EPS) estimates for shares of Progress Software in a note issued to investors on Wednesday, January 15th. DA Davidson analyst L. Schreiner now forecasts that the software maker will post earnings per share of $4.68 for the year, down from their prior forecast of $5.15. DA Davidson has a “Buy” rating and a $70.00 price objective on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.96 per share.

Several other research analysts have also commented on the company. Jefferies Financial Group lifted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $70.17.

Progress Software Stock Up 0.6 %

NASDAQ:PRGS opened at $63.72 on Friday. The stock has a 50-day simple moving average of $66.74 and a 200 day simple moving average of $62.15. Progress Software has a one year low of $48.00 and a one year high of $70.56. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 34.07, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Insider Buying and Selling

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in shares of Progress Software by 62.1% in the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock valued at $7,521,000 after buying an additional 42,773 shares during the period. Segall Bryant & Hamill LLC raised its position in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares in the last quarter. Seizert Capital Partners LLC lifted its holdings in Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after acquiring an additional 20,355 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new position in shares of Progress Software during the 2nd quarter valued at about $494,000. Finally, Leuthold Group LLC grew its stake in shares of Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after purchasing an additional 371,026 shares during the last quarter.

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.