Progress Software (NASDAQ:PRGS) Updates Q4 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 1.150-1.250 for the period, compared to the consensus earnings per share estimate of 1.280. The company issued revenue guidance of $207.0 million-$217.0 million, compared to the consensus revenue estimate of $194.3 million. Progress Software also updated its FY 2024 guidance to 4.750-4.850 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. StockNews.com lowered shares of Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. DA Davidson restated a buy rating and issued a $65.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim restated a buy rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Oppenheimer restated an outperform rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday, June 26th. Finally, Wedbush restated an outperform rating and issued a $68.00 price objective 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 assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $63.50.

Progress Software Trading Up 0.5 %

NASDAQ:PRGS traded up $0.27 during trading hours on Tuesday, hitting $57.15. The stock had a trading volume of 882,692 shares, compared to its average volume of 474,187. Progress Software has a one year low of $48.00 and a one year high of $60.33. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 34.40, a P/E/G ratio of 7.45 and a beta of 0.91. The business’s 50 day moving average is $57.12 and its 200-day moving average is $53.53.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, topping 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 company had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Sell-side analysts anticipate that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 584 shares of the firm’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 transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 584 shares of the 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 of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 over the last quarter. 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.