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

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

Analyst Ratings Changes

A number of research firms recently weighed in on PRGS. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday, June 26th. Oppenheimer restated an outperform rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Guggenheim restated a buy rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Wedbush restated an outperform rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Finally, StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $63.50.

Progress Software Price Performance

PRGS stock traded up $0.27 on Tuesday, reaching $57.15. The company had a trading volume of 882,692 shares, compared to its average volume of 474,187. Progress Software has a 1 year low of $48.00 and a 1 year high of $60.33. 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 company’s fifty day moving average is $57.12 and its 200 day moving average is $53.53. The company has a market cap of $2.44 billion, a P/E ratio of 34.40, a PEG ratio of 7.45 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last posted 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 return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. On average, research analysts forecast that Progress Software will post 3.91 earnings per share for the current year.

Insiders Place Their Bets

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $750,467.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. 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 in the last quarter. 3.40% of the stock is currently 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.