Progress Software (NASDAQ:PRGS) Releases Q4 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.15-1.25 for the period, compared to the consensus estimate of $1.28. The company issued revenue guidance of $207-217 million, compared to the consensus revenue estimate of $194.14 million. Progress Software also updated its FY 2024 guidance to 4.750-4.850 EPS.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Guggenheim boosted their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. StockNews.com raised shares of Progress Software from a buy rating to a strong-buy rating in a report on Wednesday. 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. Finally, Wedbush reaffirmed an outperform rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $66.00.

Progress Software Price Performance

NASDAQ PRGS opened at $65.84 on Friday. The company has a market cap of $2.82 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. Progress Software has a 52 week low of $48.00 and a 52 week high of $66.06. 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 firm’s 50-day simple moving average is $57.46 and its two-hundred day simple moving average is $53.71.

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

Insider Activity

In other news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were 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 $224,040.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at $174,185. The disclosure for this sale can be found here. Insiders have 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.