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

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.750-4.850 for the period, compared to the consensus 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 Ratings Changes

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

Progress Software Price Performance

NASDAQ:PRGS traded up $0.27 during mid-day trading on Tuesday, reaching $57.15. 963,399 shares of the company were exchanged, compared to its average volume of 474,626. 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 stock 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 12 month low of $48.00 and a 12 month high of $60.33. The company has a fifty day moving average of $57.12 and a 200 day moving average of $53.53.

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

Insider Buying and Selling at Progress Software

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction dated Tuesday, July 16th. The stock was 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 directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Progress Software 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares in the company, valued at $750,467.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% 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.