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

Progress Software (NASDAQ:PRGS) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.750-4.850 for the period, compared to the consensus EPS 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.

Progress Software Stock Performance

NASDAQ:PRGS opened at $63.92 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a 50-day moving average of $57.27 and a 200-day moving average of $53.62. Progress Software has a twelve month low of $48.00 and a twelve month high of $65.84. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 38.98, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the business posted $0.90 earnings per share. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts forecast that Progress Software will post 3.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PRGS has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their price target 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. Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Wedbush restated an outperform rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a buy rating in a research report on Wednesday. Finally, Oppenheimer lifted their price objective on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $66.00.

Insider Transactions at Progress Software

In related news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 over the last three months. 3.40% of the stock is owned by corporate insiders.

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.