DA Davidson Reduces Earnings Estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS - Free Report) - Investment analysts at DA Davidson lowered their FY2025 earnings estimates for Progress Software in a research note issued 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 estimate 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.

Other equities research analysts have also recently issued research reports about the company. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Friday. Citigroup increased their price objective on Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research note on Friday. Jefferies Financial Group lifted their price objective 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 report on Wednesday, October 30th. Finally, Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Progress Software presently has an average rating of "Moderate Buy" and a consensus price target of $71.71.

Progress Software Price Performance

Shares of PRGS traded down $0.72 during mid-day trading on Friday, reaching $63.01. 216,473 shares of the company's stock were exchanged, compared to its average volume of 395,817. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 6.64 and a beta of 0.93. The company has a 50-day simple moving average of $66.74 and a two-hundred day simple moving average of $62.15.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares of the company's stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its holdings in shares of Progress Software by 6.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker's stock worth $560,000 after purchasing an additional 523 shares during the period. GAMMA Investing LLC lifted its position in Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock valued at $113,000 after buying an additional 619 shares in the last quarter. Principal Financial Group Inc. grew its stake in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock worth $70,418,000 after buying an additional 43,936 shares during the period. Virtu Financial LLC acquired a new stake in shares of Progress Software in the third quarter worth $1,626,000. Finally, Hohimer Wealth Management LLC acquired a new stake in shares of Progress Software in the third quarter worth $225,000.

About Progress Software

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.