Progress Software (NASDAQ:PRGS – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.70-4.80 for the period, compared to the consensus earnings per share estimate of $4.69. The company issued revenue guidance of $725-735 million, compared to the consensus revenue estimate of $726.52 million. Progress Software also updated its FY 2024 guidance to 4.700-4.800 EPS.
Progress Software Stock Performance
NASDAQ:PRGS opened at $48.70 on Wednesday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. Progress Software has a 1 year low of $48.16 and a 1 year high of $62.34. The stock’s 50 day simple moving average is $50.36 and its two-hundred day simple moving average is $52.98. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 31.62, a PEG ratio of 6.37 and a beta of 0.93.
Progress Software (NASDAQ:PRGS – Get Free Report) last released its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the company posted $1.01 EPS. The company’s revenue was up 11.5% compared to the same quarter last year. As a group, equities analysts anticipate that Progress Software will post 3.85 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Check Out Our Latest Analysis on Progress Software
Insider Activity at Progress Software
In related news, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progress Software news, insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at $1,895,871. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock worth $2,841,941 in the last quarter. 3.30% of the stock is owned by company 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.
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