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

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.750-4.850 for the period, compared to the consensus EPS 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 Price Performance

Shares of NASDAQ:PRGS opened at $65.84 on Friday. Progress Software has a 1-year low of $48.00 and a 1-year high of $66.06. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The business has a fifty day moving average price of $57.46 and a 200-day moving average price of $53.71. The company has a market capitalization of $2.82 billion, a PE ratio of 40.15, a PEG ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last issued 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 during the quarter, compared to the consensus estimate of $176.16 million. During the same period last year, the company earned $0.90 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. As a group, equities analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on PRGS shares. DA Davidson lifted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a report on Wednesday. Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Oppenheimer lifted their price objective on Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a report on Wednesday. Finally, Wedbush reiterated an outperform rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $66.00.

Insiders Place Their Bets

In other news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software 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 transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software 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 transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $174,185. The disclosure for this sale can be found here. Over the last three months, insiders have 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.