Progress Software (NASDAQ:PRGS) Updates FY 2021 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $3.460-3.500 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.400. The company issued revenue guidance of $529 million-535 million, compared to the consensus revenue estimate of $525 million.Progress Software also updated its Q3 2021 guidance to $0.810-0.830 EPS.

Several brokerages recently weighed in on PRGS. Zacks Investment Research cut shares of Progress Software from a buy rating to a hold rating in a research report on Thursday, May 27th. Guggenheim began coverage on shares of Progress Software in a research report on Tuesday, June 8th. They issued a buy rating and a $56.00 price target on the stock.

Shares of Progress Software stock traded up $0.53 during mid-day trading on Thursday, hitting $46.06. 435,698 shares of the stock were exchanged, compared to its average volume of 397,708. Progress Software has a 12 month low of $34.05 and a 12 month high of $49.23. The firm’s 50-day moving average is $45.07. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $2.03 billion, a P/E ratio of 26.63 and a beta of 1.26.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Wednesday, March 24th. The software maker reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.20. Progress Software had a net margin of 17.09% and a return on equity of 36.46%. The firm had revenue of $131.78 million for the quarter, compared to analysts’ expectations of $121.39 million. During the same quarter last year, the firm earned $0.76 EPS. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, research analysts predict that Progress Software will post 2.9 EPS for the current fiscal year.

In related news, SVP Jeremy Segal sold 761 shares of Progress Software stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $43.62, for a total value of $33,194.82. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.60% of the stock is owned by company insiders.

Progress Software Company Profile

Progress Software Corporation develops business applications. The company operates through three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; MOVEit that provides secure collaboration and automated file transfers of critical business information; and WhatsUp Gold, a network monitoring solution.

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