Progress Software (NASDAQ:PRGS) Releases 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.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRGS. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday, June 26th. Guggenheim restated a buy rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. DA Davidson restated a buy rating and set a $65.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer restated an outperform rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, June 26th. Finally, Wedbush restated an outperform rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Progress Software currently has a consensus rating of Moderate Buy and an average target price of $63.50.

Progress Software Price Performance

NASDAQ PRGS traded up $0.27 on Tuesday, reaching $57.15. The company’s stock had a trading volume of 882,692 shares, compared to its average volume of 474,187. The firm has a market cap of $2.44 billion, a PE ratio of 34.40, a price-to-earnings-growth ratio of 7.45 and a beta of 0.91. The business has a 50-day moving average price of $57.12 and a 200 day moving average price of $53.53. Progress Software has a 52 week low of $48.00 and a 52 week high of $60.33. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Sell-side analysts expect that Progress Software will post 3.91 EPS for the current year.

Insider Activity at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s 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 transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s 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 transaction, the insider now directly owns 3,167 shares in the company, valued at $174,185. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of 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. Insiders have sold a total of 13,763 shares of company stock valued at $765,004 over the last quarter. 3.40% of the stock is owned by company 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.