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

Progress Software (NASDAQ:PRGS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.750-4.850 for the period, compared to the consensus earnings per share 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 Trading Up 11.8 %

PRGS stock opened at $63.92 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 38.98, a PEG ratio of 7.28 and a beta of 0.91. The business has a fifty day simple moving average of $57.27 and a 200-day simple moving average of $53.62. Progress Software has a 52 week low of $48.00 and a 52 week high of $65.84.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 earnings per share. On average, equities research analysts expect that Progress Software will post 3.91 EPS for the current year.

Wall Street Analysts Forecast Growth

PRGS has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday, June 26th. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the company a buy rating in a research note on Wednesday. DA Davidson upped their price target on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Finally, Oppenheimer lifted their price objective on shares of Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a research note on Wednesday. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $66.00.

Insider Activity at Progress Software

In related news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the 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 of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. 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.