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

Progress Software (NASDAQ:PRGS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.150-1.250 for the period, compared to the consensus 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 Analysts Forecast Growth

A number of research firms have commented on PRGS. Oppenheimer reiterated an outperform rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a report on Wednesday, June 26th. DA Davidson reiterated a buy rating and set a $65.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Wedbush reissued an outperform rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim reaffirmed a buy rating and set a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $63.50.

Progress Software Stock Up 0.5 %

NASDAQ:PRGS traded up $0.27 during trading hours on Tuesday, reaching $57.15. The company had a trading volume of 963,399 shares, compared to its average volume of 474,626. Progress Software has a twelve month low of $48.00 and a twelve month high of $60.33. 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 firm 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 simple moving average is $57.12 and its two-hundred day simple moving average is $53.53.

Progress Software (NASDAQ:PRGS) last issued its 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 return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. On average, equities analysts expect that Progress Software will post 3.91 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software 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 completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ian Pitt sold 584 shares of the stock in a transaction dated 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 sale, the insider now owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following 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. Over the last quarter, insiders sold 13,763 shares of company stock valued at $765,004. Company 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.