FY2022 EPS Estimates for Progress Software Co. (NASDAQ:PRGS)

Progress Software Co. (NASDAQ:PRGS – Get Rating) – Analysts at Wedbush boosted their FY2022 earnings per share (EPS) estimates for Progress Software in a note issued to investors on Wednesday, June 29th. Wedbush analyst D. Ives now expects that the software maker will post earnings per share of $3.48 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. Progress Software (NASDAQ:PRGS – Get Rating) last announced its quarterly earnings results on Tuesday, June 28th. The software maker reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The firm had revenue of $148.70 million during the quarter, compared to the consensus estimate of $146.45 million. During the same quarter last year, the firm earned $0.67 EPS. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year.

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Several other analysts also recently issued reports on the stock. StockNews.com began coverage on shares of Progress Software in a research note on Thursday, March 31st. They issued a “strong-buy” rating for the company. Oppenheimer decreased their price objective on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, June 29th. Finally, Citigroup raised their target price on shares of Progress Software from $48.00 to $52.00 and gave the stock a “neutral” rating in a research 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 company’s stock. According to data from MarketBeat, Progress Software has a consensus rating of “Buy” and a consensus price target of $55.00.

Shares of NASDAQ PRGS opened at $45.03 on Monday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.25 and a quick ratio of 1.21. The company has a market cap of $1.97 billion, a P/E ratio of 20.94, a PEG ratio of 6.49 and a beta of 1.05. Progress Software has a 1 year low of $41.68 and a 1 year high of $53.99. The firm has a 50-day simple moving average of $47.73 and a two-hundred day simple moving average of $46.43.

The company also recently declared 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. This represents a $0.70 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, August 31st. Progress Software’s dividend payout ratio is currently 32.56%.

In other Progress Software news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $47.28, for a total value of $236,400.00. Following the transaction, the chief executive officer now directly owns 80,000 shares of the company’s stock, valued at $3,782,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Ainsworth sold 5,122 shares of Progress Software stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $48.14, for a total transaction of $246,573.08. Following the completion of the transaction, the executive vice president now directly owns 32,821 shares in the company, valued at $1,580,002.94. The disclosure for this sale can be found here. Insiders sold 21,878 shares of company stock worth $1,051,308 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Large investors have recently bought and sold shares of the company. Morgan Stanley lifted its position in Progress Software by 21.1% during the third quarter. Morgan Stanley now owns 261,063 shares of the software maker’s stock valued at $12,842,000 after purchasing an additional 45,499 shares during the period. Tudor Investment Corp Et Al acquired a new position in Progress Software during the third quarter valued at $2,821,000. UBS Group AG lifted its position in Progress Software by 8.5% during the third quarter. UBS Group AG now owns 92,653 shares of the software maker’s stock valued at $4,557,000 after purchasing an additional 7,279 shares during the period. Squarepoint Ops LLC acquired a new position in Progress Software during the third quarter valued at $294,000. Finally, Bank of New York Mellon Corp lifted its position in Progress Software by 7.3% during the third quarter. Bank of New York Mellon Corp now owns 1,299,259 shares of the software maker’s stock valued at $63,910,000 after purchasing an additional 88,814 shares during the period. Institutional investors and hedge funds own 99.46% of the company’s stock.

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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Earnings History and Estimates for Progress Software (NASDAQ:PRGS)

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