Progress Software (NASDAQ:PRGS) Issues Q4 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.15-1.25 for the period, compared to the consensus estimate of $1.28. The company issued revenue guidance of $207-217 million, compared to the consensus revenue estimate of $194.14 million. Progress Software also updated its FY 2024 guidance to 4.750-4.850 EPS.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wedbush reiterated an outperform rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com downgraded Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday, June 26th. DA Davidson restated a buy rating and set a $65.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim reiterated a buy rating and issued a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. Finally, Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a hold rating for the company in a report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $63.50.

Progress Software Stock Up 0.5 %

NASDAQ:PRGS opened at $57.15 on Wednesday. The firm has a market capitalization of $2.44 billion, a PE ratio of 34.85, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. Progress Software has a 52 week low of $48.00 and a 52 week high of $60.33. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a 50 day moving average of $57.13 and a 200-day moving average of $53.55.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. The company had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. Analysts predict that Progress Software will post 3.91 EPS for the current year.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ian Pitt sold 584 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Insiders have sold a total of 13,763 shares of company stock worth $765,004 in the last ninety days. 3.40% of the stock is owned by insiders.

Progress Software Company Profile

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 that consists of software development tooling collection, 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 offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.