Progress Software (NASDAQ:PRGS) Issues FY 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.700-4.800 for the period, compared to the consensus EPS estimate of 4.690. The company issued revenue guidance of $725.0 million-$735.0 million, compared to the consensus revenue estimate of $726.5 million. Progress Software also updated its FY24 guidance to $4.70-4.80 EPS.

Progress Software Stock Down 0.6 %

NASDAQ:PRGS opened at $48.70 on Wednesday. Progress Software has a 52 week low of $48.16 and a 52 week high of $62.34. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. The stock’s fifty day moving average is $50.36 and its two-hundred day moving average is $52.98. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 6.37 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. Progress Software’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. Research analysts anticipate that Progress Software will post 3.85 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on PRGS. JPMorgan Chase & Co. lowered their price objective on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday, March 27th. StockNews.com raised Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday, April 10th. Oppenheimer reiterated an outperform rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. Guggenheim restated a buy rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday. Finally, DA Davidson started coverage on Progress Software in a research note on Thursday, March 28th. They issued a buy rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Buy and a consensus target price of $64.50.

Insider Activity

In other news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at $1,895,871. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Sundar Subramanian sold 584 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at $857,858.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. In the last three months, insiders sold 55,761 shares of company stock valued at $2,841,941. Insiders own 3.30% of the company’s stock.

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.