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

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on PRGS. DA Davidson reaffirmed a buy rating and issued a $65.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Wedbush reissued an outperform rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com downgraded Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. Oppenheimer reaffirmed an outperform rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Finally, Guggenheim reissued a buy rating and issued a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $63.50.

Progress Software Stock Up 0.5 %

NASDAQ:PRGS traded up $0.27 during trading hours on Tuesday, hitting $57.15. The stock had a trading volume of 963,399 shares, compared to its average volume of 474,626. The business has a 50 day simple moving average of $57.12 and a two-hundred day simple moving average of $53.53. Progress Software has a 1-year low of $48.00 and a 1-year 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. The company 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.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. The firm had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Analysts predict that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction that occurred 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 sale, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the firm’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 transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kathryn Kulikoski sold 2,918 shares of the business’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 sale, the insider now owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock worth $765,004 over the last ninety days. Company insiders own 3.40% of the company’s stock.

About Progress Software

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.