Progress Software (NASDAQ:PRGS) Issues Q3 2024 Earnings Guidance

Progress Software (NASDAQ:PRGSGet Free Report) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.110-1.150 for the period, compared to the consensus EPS estimate of 1.210. The company issued revenue guidance of $174.0 million-$178.0 million, compared to the consensus revenue estimate of $183.5 million. Progress Software also updated its FY 2024 guidance to 4.700-4.800 EPS.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Oppenheimer reiterated an outperform rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27th. Guggenheim reissued a buy rating and issued a $64.00 price target on shares of Progress Software in a research report on Tuesday. StockNews.com raised Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday, April 10th. DA Davidson started coverage on Progress Software in a research report on Thursday, March 28th. They issued a buy rating and a $65.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Progress Software has an average rating of Buy and a consensus target price of $64.50.

View Our Latest Stock Analysis on PRGS

Progress Software Stock Down 0.6 %

Shares of NASDAQ PRGS traded down $0.28 during mid-day trading on Tuesday, hitting $48.70. 764,576 shares of the stock traded hands, compared to its average volume of 519,344. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software has a 52 week low of $48.16 and a 52 week high of $62.34. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 6.36 and a beta of 0.93. The stock has a fifty day moving average price of $50.40 and a 200-day moving average price of $53.01.

Progress Software (NASDAQ:PRGSGet Free Report) last released its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The company had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same period in the previous year, the company posted $1.01 earnings per share. The firm’s revenue was up 11.5% on a year-over-year basis. Research analysts anticipate that Progress Software will post 3.85 EPS for the current year.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now owns 17,195 shares in the company, valued at $857,858.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Yufan Stephanie Wang sold 779 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock worth $2,841,941 over the last ninety days. 3.30% of the stock is owned by corporate insiders.

About Progress Software

(Get Free Report)

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.

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