Progress Software Co. (NASDAQ:PRGS – Get Rating) – Analysts at Wedbush increased their FY2022 EPS estimates for Progress Software in a research note issued to investors on Wednesday, June 29th. Wedbush analyst D. Ives now anticipates that the software maker will post earnings of $3.48 per share for the year, up from their prior forecast of $3.44. Wedbush currently has a “Outperform” rating on the stock. The consensus estimate for Progress Software’s current full-year earnings is $3.47 per share. Wedbush also issued estimates for Progress Software’s Q4 2022 earnings at $0.94 EPS, Q1 2023 earnings at $0.90 EPS, Q2 2023 earnings at $0.91 EPS, Q3 2023 earnings at $0.88 EPS, Q4 2023 earnings at $1.07 EPS and FY2023 earnings at $3.74 EPS.

Other analysts have also recently issued research reports about the stock. StockNews.com assumed coverage on shares of Progress Software in a research note on Thursday, March 31st. They set a “strong-buy” rating for the company. Oppenheimer decreased their target price on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, June 29th. Finally, Citigroup boosted their target price on shares of Progress Software from $48.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday, March 30th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $55.00.

Shares of NASDAQ PRGS opened at $45.03 on Monday. Progress Software has a 12-month low of $41.68 and a 12-month high of $53.99. The stock has a market cap of $1.97 billion, a PE ratio of 20.94, a P/E/G ratio of 6.49 and a beta of 1.05. The company has a current ratio of 1.25, a quick ratio of 1.21 and a debt-to-equity ratio of 1.65. The company has a 50-day moving average of $47.73 and a 200 day moving average of $46.43.

Progress Software (NASDAQ:PRGS – Get Rating) last announced its quarterly earnings data on Tuesday, June 28th. The software maker reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.09. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The company had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $146.45 million. During the same quarter in the prior year, the company earned $0.67 EPS. Progress Software’s revenue was up 15.1% compared to the same quarter last year.

Institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP lifted its holdings in Progress Software by 14.4% during the 4th quarter. GSA Capital Partners LLP now owns 8,674 shares of the software maker’s stock worth $419,000 after buying an additional 1,089 shares in the last quarter. Yousif Capital Management LLC purchased a new stake in shares of Progress Software in the 4th quarter valued at approximately $1,931,000. Panagora Asset Management Inc. purchased a new stake in shares of Progress Software in the 4th quarter valued at approximately $663,000. Systematic Financial Management LP increased its position in shares of Progress Software by 16.9% in the 4th quarter. Systematic Financial Management LP now owns 344,829 shares of the software maker’s stock valued at $16,645,000 after purchasing an additional 49,865 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of Progress Software by 11.8% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 26,634 shares of the software maker’s stock valued at $1,286,000 after purchasing an additional 2,808 shares during the last quarter. Institutional investors own 99.46% of the company’s stock.

In other news, CAO Domenic Lococo sold 1,756 shares of the company’s stock in a transaction that occurred on Thursday, May 5th. The shares were sold at an average price of $49.08, for a total value of $86,184.48. Following the transaction, the chief accounting officer now directly owns 1,647 shares in the company, valued at approximately $80,834.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $50.20, for a total transaction of $251,000.00. Following the completion of the transaction, the chief executive officer now owns 90,000 shares in the company, valued at $4,518,000. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,878 shares of company stock worth $1,051,308. Company insiders own 3.20% of the company’s stock.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.175 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.70 annualized dividend and a yield of 1.55%. Progress Software’s payout ratio is 32.56%.

About Progress Software (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 consists 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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