DA Davidson cuts earnings estimates for Progress Software

Progress Software Co. (NASDAQ:PRGS – Free Report) – Equities analysts at DA Davidson lowered their FY 2025 earnings per share estimates for shares of Progress Software in a research report issued on Wednesday, January 15. DA Davidson analyst L. Schreiner now predicts the software maker will post earnings per share of $4.68 this year, up from the previous forecast 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 equity analysts have also weighed in on the stock. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6. Citigroup raised its price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday. Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22. Guggenheim reaffirmed a buy rating and issued an $83.00 price target on shares of Progress Software in a research note on Friday. Finally, StockNews.com upgraded Progress Software from a “buy” rating to a “strong buy” rating in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.71.

Read our latest report on Progress Software

Progress software trading drops 1.2%

Shares of PRGS opened at $62.94 on Friday. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 33.66, a price-to-earnings ratio of 6.64, and a beta of 0.93. The company has a 50-day moving average of $66.65 and a 200-day moving average of $62.26. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Institutional investors weigh in on Progress software

A number of hedge funds and other institutional investors have recently changed their holdings in the company. Canada Pension Plan Investment Board acquired a new position in Progress Software worth $27,000 in the second quarter. GAMMA Investing LLC increased its holdings in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after purchasing an additional 301 shares during the period. Prudent Man Advisors LLC purchased a new position in Progress Software during the third quarter valued at approximately $201,000. Finally, Assetmark Inc. increased its position in Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the period.

Insider transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of stock in a transaction dated Wednesday, October 23rd. The stock sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55% drop in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.30% of the company’s shares.

Progress Software Company Profile

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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 which consist of a collection of software development tools 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 that provides cloud-native and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation that delivers intelligent and ROI-driving tools for marketers.

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