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

Progress Software (NASDAQ:PRGS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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.

Progress Software Stock Performance

NASDAQ:PRGS traded up $0.27 during mid-day trading on Tuesday, hitting $57.15. 963,399 shares of the stock were exchanged, compared to its average volume of 474,626. 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 firm’s 50-day simple moving average is $57.12 and its 200 day simple moving average is $53.53. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $60.33. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 34.40, a price-to-earnings-growth ratio of 7.45 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $168.60 million. As a group, equities analysts anticipate that Progress Software will post 3.91 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. DA Davidson reissued a buy rating and issued a $65.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday, June 26th. Wedbush restated an outperform rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Jefferies Financial Group cut their target price 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, Guggenheim restated a buy rating and issued a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $63.50.

Insiders Place Their Bets

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