Progress Software Co. (NASDAQ:PRGS – Get Rating) – Stock analysts at Oppenheimer reduced their Q3 2022 earnings estimates for shares of Progress Software in a research note issued on Tuesday, June 28th. Oppenheimer analyst I. Kidron now expects that the software maker will earn $0.82 per share for the quarter, down from their prior estimate of $0.90. Oppenheimer has an “Outperform” rating and a $53.00 price objective on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.45 per share. Oppenheimer also issued estimates for Progress Software’s Q4 2022 earnings at $0.93 EPS.
Several other equities analysts have also recently commented on PRGS. Wedbush reiterated an “outperform” rating on shares of Progress Software in a research note on Wednesday. StockNews.com initiated coverage on Progress Software in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. Finally, Citigroup raised their target price on Progress Software from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, March 30th. One equity research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Progress Software currently has a consensus rating of “Buy” and a consensus price target of $55.00.
Progress Software stock opened at $45.03 on Friday. The stock has a market cap of $1.97 billion, a P/E ratio of 25.16, a price-to-earnings-growth ratio of 7.47 and a beta of 1.07. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.67. The stock has a 50-day moving average of $47.73 and a 200-day moving average of $46.44. Progress Software has a 52 week low of $41.68 and a 52 week high of $53.99.
Progress Software (NASDAQ:PRGS – Get Rating) last released its earnings results on Tuesday, June 28th. The software maker reported $1.04 EPS for the quarter, beating the consensus estimate of $0.95 by $0.09. The company had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $146.45 million. Progress Software had a return on equity of 39.08% and a net margin of 14.40%. The business’s revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in Progress Software by 5.4% during the 1st quarter. Bank of America Corp DE now owns 336,788 shares of the software maker’s stock worth $15,858,000 after acquiring an additional 17,192 shares during the period. Rice Hall James & Associates LLC lifted its holdings in shares of Progress Software by 38.8% during the 1st quarter. Rice Hall James & Associates LLC now owns 214,875 shares of the software maker’s stock valued at $10,118,000 after buying an additional 60,103 shares during the last quarter. Paradigm Capital Management Inc. NY raised its stake in shares of Progress Software by 3.2% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 79,500 shares of the software maker’s stock valued at $3,744,000 after acquiring an additional 2,500 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Progress Software by 6.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 518,754 shares of the software maker’s stock valued at $24,428,000 after acquiring an additional 33,631 shares in the last quarter. Finally, Van Hulzen Asset Management LLC raised its stake in shares of Progress Software by 14.1% in the 1st quarter. Van Hulzen Asset Management LLC now owns 8,269 shares of the software maker’s stock valued at $389,000 after acquiring an additional 1,019 shares in the last quarter. Hedge funds and other institutional investors own 99.46% of the company’s stock.
In related news, CAO Domenic Lococo sold 1,756 shares of the stock in a transaction on Thursday, May 5th. The stock was sold at an average price of $49.08, for a total value of $86,184.48. Following the completion of the transaction, the chief accounting officer now owns 1,647 shares in the company, valued at approximately $80,834.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Yogesh K. Gupta sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $50.20, for a total value of $251,000.00. Following the sale, the chief executive officer now owns 90,000 shares of the company’s stock, valued at $4,518,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,878 shares of company stock worth $1,051,308. 3.20% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Wednesday, August 31st. Progress Software’s payout ratio is currently 39.11%.
Progress Software Company Profile: (Get Rating)
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consist of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.
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