Progress Software (NASDAQ:PRGS) Updates Q4 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $1.15-1.25 for the period, compared to the consensus earnings per share estimate of $1.28. The company issued revenue guidance of $207-217 million, compared to the consensus revenue estimate of $194.14 million.

Analyst Ratings Changes

A number of research firms recently issued reports on PRGS. StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. Oppenheimer reiterated an outperform rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday, June 26th. Wedbush reiterated an outperform rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Jefferies Financial Group lowered their price objective on Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research report on Wednesday, June 26th. Finally, DA Davidson reiterated a buy rating and issued a $65.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Progress Software has a consensus rating of Moderate Buy and a consensus target price of $63.50.

Progress Software Trading Up 0.5 %

Shares of Progress Software stock traded up $0.27 during trading on Tuesday, hitting $57.15. 818,765 shares of the company were exchanged, compared to its average volume of 473,840. The firm has a market capitalization of $2.44 billion, a P/E ratio of 34.40, a price-to-earnings-growth ratio of 7.45 and a beta of 0.91. Progress Software has a 1-year low of $48.00 and a 1-year high of $60.33. The firm’s fifty day moving average price is $57.12 and its 200 day moving average price is $53.53. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95.

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, beating the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million during the quarter, compared to analyst estimates of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. As a group, sell-side analysts expect that Progress Software will post 3.91 earnings per share for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders have sold a total of 13,763 shares of company stock worth $765,004 in the last 90 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.