Progress Software (NASDAQ:PRGS) Updates Q4 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 1.150-1.250 for the period, compared to the consensus earnings per share estimate of 1.280. The company issued revenue guidance of $207.0 million-$217.0 million, compared to the consensus revenue estimate of $194.3 million. Progress Software also updated its FY 2024 guidance to 4.750-4.850 EPS.

Progress Software Stock Up 11.8 %

Shares of NASDAQ PRGS opened at $63.92 on Thursday. The firm 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 company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software has a 52-week low of $48.00 and a 52-week high of $65.84. The business’s 50 day moving average is $57.27 and its two-hundred day moving average is $53.62.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million for 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 quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 earnings per share. Research analysts predict that Progress Software will post 3.91 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on PRGS. Jefferies Financial Group dropped their price target 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. 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 research note on Wednesday. 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 research note on Wednesday. StockNews.com upgraded shares of Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday. Finally, Oppenheimer boosted their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $66.00.

Insider Buying and Selling

In related news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction 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 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 quarter, insiders sold 13,763 shares of company stock worth $765,004. Corporate 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.