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.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. 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. DA Davidson reaffirmed a buy rating and set a $65.00 price target on shares of Progress Software in a 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. Wedbush restated an outperform rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Finally, Guggenheim reaffirmed a buy rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, 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 opened at $57.15 on Wednesday. The stock’s fifty day moving average price is $57.13 and its two-hundred day moving average price is $53.55. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 34.85, a P/E/G 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 $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.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. On average, analysts anticipate that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction that occurred on 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 sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,763 shares of company stock worth $765,004. 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.