Progress Software (NASDAQ:PRGS) Updates Q1 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its first quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $1.02-$1.08 for the period, compared to the consensus EPS estimate of $1.41. The company issued revenue guidance of $232-$238 million, compared to the consensus revenue estimate of $235.74 million. Progress Software also updated its FY25 guidance to $5.00-$5.12 EPS.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRGS. Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday. DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Jefferies Financial Group boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.71.

Progress Software Trading Up 0.9 %

Shares of NASDAQ:PRGS traded up $0.58 during midday trading on Tuesday, hitting $63.52. The company had a trading volume of 650,705 shares, compared to its average volume of 438,395. The firm has a fifty day simple moving average of $66.54 and a 200 day simple moving average of $62.38. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 6.86 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

Insider Buying and Selling

In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.30% 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.