Progress Software (NASDAQ:PRGS) Issues Q4 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.15-1.25 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRGS. StockNews.com upgraded shares of Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday. Wedbush restated an outperform rating and issued a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday. Oppenheimer boosted their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research report on Wednesday. Finally, Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday, June 26th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Progress Software presently has a consensus rating of Buy and an average price target of $66.00.

Progress Software Stock Performance

NASDAQ:PRGS opened at $65.84 on Friday. The company has a fifty day moving average of $57.46 and a 200-day moving average of $53.71. The firm has a market capitalization of $2.82 billion, a P/E ratio of 40.15, a P/E/G ratio of 7.28 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.06.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 EPS. As a group, sell-side analysts anticipate that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction on 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 sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on 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 sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction 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 approximately $750,467.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,763 shares of company stock worth $765,004. 3.40% of the stock is owned by corporate insiders.

About Progress Software

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.