DA Davidson Reduces Earnings Estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS) – Stock analysts at DA Davidson lowered their FY2025 EPS estimates for shares of Progress Software in a report issued on Wednesday, January 15th. DA Davidson analyst L. Schreiner now forecasts that the software maker will earn $4.68 per share for the year, down from their previous estimate of $5.15. DA Davidson currently has a “Buy” rating and a $70.00 price target 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 weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer boosted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $70.17.

Progress Software Stock Up 0.6 %

Shares of Progress Software stock opened at $63.72 on Friday. The stock has a 50-day moving average price of $66.74 and a 200 day moving average price of $62.15. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a market cap of $2.73 billion, a P/E ratio of 34.07, a P/E/G ratio of 6.64 and a beta of 0.93. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56.

Institutional Inflows and Outflows

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

Insider Buying and Selling at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.30% of the company’s stock.

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.