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.
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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