Oppenheimer Analysis Analysts Minimize Earnings Estimates for Progress Software program Co. (NASDAQ:PRGS)

Progress Software program Co. (NASDAQ:PRGS – Get Score) – Oppenheimer lowered their Q3 2022 earnings per share (EPS) estimates for shares of Progress Software program in a analysis observe issued on Tuesday, June twenty eighth. Oppenheimer analyst I. Kidron now anticipates that the software program maker will earn $0.82 per share for the quarter, down from their prior estimate of $0.90. Oppenheimer has a “Outperform” ranking and a $53.00 worth goal on the inventory. The consensus estimate for Progress Software program’s present full-year earnings is $3.45 per share. Oppenheimer additionally issued estimates for Progress Software program’s This fall 2022 earnings at $0.93 EPS. Progress Software program (NASDAQ:PRGS – Get Score) final launched its quarterly earnings outcomes on Tuesday, June twenty eighth. The software program maker reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. The enterprise had income of $148.70 million in the course of the quarter, in comparison with analyst estimates of $146.45 million. Progress Software program had a return on fairness of 39.08% and a internet margin of 14.40%. Progress Software program’s quarterly income was up 15.1% in comparison with the identical quarter final 12 months. Throughout the identical interval within the prior 12 months, the agency posted $0.67 EPS.

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Different equities analysis analysts have additionally issued stories in regards to the firm. StockNews.com began protection on Progress Software program in a analysis report on Thursday, March thirty first. They set a “strong-buy” ranking for the corporate. Citigroup raised their goal worth on Progress Software program from $48.00 to $52.00 and gave the inventory a “impartial” ranking in a analysis observe on Wednesday, March thirtieth. Lastly, Wedbush restated an “outperform” ranking on shares of Progress Software program in a analysis observe on Wednesday. One analyst has rated the inventory with a maintain ranking, three have issued a purchase ranking and one has assigned a robust purchase ranking to the corporate. Primarily based on knowledge from MarketBeat, Progress Software program presently has a consensus ranking of “Purchase” and a median goal worth of $55.00.

NASDAQ PRGS opened at $45.30 on Friday. The agency has a market capitalization of $1.98 billion, a P/E ratio of 25.31, a PEG ratio of seven.47 and a beta of 1.07. The enterprise has a fifty day easy shifting common of $47.79 and a 200 day easy shifting common of $46.45. Progress Software program has a 12 month low of $41.68 and a 12 month excessive of $53.99. The corporate has a present ratio of 1.21, a fast ratio of 1.21 and a debt-to-equity ratio of 1.67.

The corporate additionally not too long ago declared a quarterly dividend, which might be paid on Thursday, September fifteenth. Traders of report on Thursday, September 1st might be given a dividend of $0.175 per share. The ex-dividend date is Wednesday, August thirty first. This represents a $0.70 annualized dividend and a dividend yield of 1.55%. Progress Software program’s dividend payout ratio is presently 39.11%.

In different Progress Software program information, CEO Yogesh Okay. Gupta offered 5,000 shares of the enterprise’s inventory in a transaction on Thursday, April twenty first. The inventory was offered at a median worth of $50.20, for a complete worth of $251,000.00. Following the sale, the chief govt officer now straight owns 90,000 shares of the corporate’s inventory, valued at $4,518,000. The transaction was disclosed in a submitting with the Securities & Alternate Fee, which is offered at this hyperlink. Additionally, CAO Domenic Lococo offered 1,756 shares of the enterprise’s inventory in a transaction on Thursday, Could fifth. The inventory was offered at a median worth of $49.08, for a complete worth of $86,184.48. Following the completion of the sale, the chief accounting officer now straight owns 1,647 shares within the firm, valued at $80,834.76. The disclosure for this sale may be discovered right here. Insiders have offered 21,878 shares of firm inventory value $1,051,308 over the past 90 days. 3.20% of the inventory is presently owned by company insiders.

A number of hedge funds and different institutional traders have not too long ago added to or lowered their stakes within the firm. Financial institution of America Corp DE boosted its stake in shares of Progress Software program by 5.4% within the first quarter. Financial institution of America Corp DE now owns 336,788 shares of the software program maker’s inventory value $15,858,000 after buying an extra 17,192 shares in the course of the interval. Rice Corridor James & Associates LLC boosted its stake in Progress Software program by 38.8% in the course of the first quarter. Rice Corridor James & Associates LLC now owns 214,875 shares of the software program maker’s inventory valued at $10,118,000 after shopping for an extra 60,103 shares over the past quarter. Paradigm Capital Administration Inc. NY boosted its stake in Progress Software program by 3.2% in the course of the first quarter. Paradigm Capital Administration Inc. NY now owns 79,500 shares of the software program maker’s inventory valued at $3,744,000 after shopping for an extra 2,500 shares over the past quarter. The Producers Life Insurance coverage Firm boosted its stake in Progress Software program by 6.9% in the course of the first quarter. The Producers Life Insurance coverage Firm now owns 518,754 shares of the software program maker’s inventory valued at $24,428,000 after shopping for an extra 33,631 shares over the past quarter. Lastly, Van Hulzen Asset Administration LLC raised its place in Progress Software program by 14.1% in the course of the first quarter. Van Hulzen Asset Administration LLC now owns 8,269 shares of the software program maker’s inventory valued at $389,000 after buying an extra 1,019 shares in the course of the interval. 99.46% of the inventory is owned by hedge funds and different institutional traders.

About Progress Software program (Get Score)

Progress Software program Company develops, deploys, and manages enterprise purposes. The corporate presents OpenEdge, a growth software program, which builds multi-language purposes for safe deployment throughout varied platforms and gadgets, in addition to cloud; developer instruments that consists of parts for consumer interface growth for Net, cellular, desktop, chat, and AR/VR apps, in addition to automated utility testing and reporting instruments; Sitefinity, an online content material administration and buyer analytics platform; Corticon, a enterprise guidelines administration system that gives purposes with choice automation and alter course of, and decision-related perception capabilities.

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This immediate information alert was generated by narrative science know-how and monetary knowledge from MarketBeat with the intention to present readers with the quickest and most correct reporting. This story was reviewed by MarketBeat’s editorial workforce previous to publication. Please ship any questions or feedback about this story to [email protected]

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