Progress Software (NASDAQ:PRGS) Issues Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $1.28-1.34 for the period, compared to the consensus EPS estimate of $1.17. The company issued revenue guidance of $235-241 million, compared to the consensus revenue estimate of $233.82 million. Progress Software also updated its FY25 guidance to $5.25-5.37 EPS.

Progress Software Price Performance

PRGS stock traded up $0.12 during trading on Monday, hitting $51.51. The company had a trading volume of 1,270,483 shares, compared to its average volume of 534,465. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a fifty day moving average price of $56.06 and a two-hundred day moving average price of $62.12. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a market cap of $2.23 billion, a P/E ratio of 33.02, a P/E/G ratio of 2.82 and a beta of 0.88.

Analysts Set New Price Targets

PRGS has been the topic of several analyst reports. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup upped their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, Jefferies Financial Group raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.00.

Insiders Place Their Bets

In related news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the transaction, the insider now owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. 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.