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

Progress Software (NASDAQ:PRGS) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.750-4.850 for the period, compared to the consensus EPS estimate of 4.750. The company issued revenue guidance of $745.0 million-$755.0 million, compared to the consensus revenue estimate of $730.0 million. Progress Software also updated its Q4 guidance to $1.15-1.25 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. StockNews.com lowered Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. Guggenheim reiterated a buy rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. DA Davidson reiterated a buy rating and issued a $65.00 price target on shares of Progress Software in a report on Tuesday, September 10th. 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. Finally, Wedbush reiterated an outperform rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $63.50.

Progress Software Stock Up 0.5 %

Shares of Progress Software stock traded up $0.27 during trading hours on Tuesday, hitting $57.15. 882,692 shares of the company’s stock traded hands, compared to its average volume of 474,187. The stock has a 50 day simple moving average of $57.12 and a 200-day simple moving average of $53.53. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.44 billion, a PE ratio of 34.40, a PEG ratio of 7.45 and a beta of 0.91. Progress Software has a twelve month low of $48.00 and a twelve month high of $60.33.

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

Insider Activity

In other news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The stock was 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 directly owns 3,167 shares in the company, valued at $174,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock worth $765,004 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.

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.