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

Progress Software (NASDAQ:PRGS) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.150-1.250 for the period, compared to the consensus 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 Performance

NASDAQ PRGS opened at $63.92 on Thursday. The company has a fifty day moving average of $57.27 and a two-hundred day moving average of $53.62. Progress Software has a 1 year low of $48.00 and a 1 year high of $65.84. 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 company has a market capitalization of $2.73 billion, a PE ratio of 38.98, a P/E/G ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period in the prior year, the company earned $0.90 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. As a group, analysts expect that Progress Software will post 3.91 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRGS. Jefferies Financial Group reduced their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a report on Wednesday, June 26th. Wedbush reaffirmed an outperform rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim upped their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a buy rating in a report on Wednesday. Oppenheimer increased their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a report on Wednesday. Finally, StockNews.com raised shares of Progress Software from a buy rating to a strong-buy rating in a report on Wednesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Progress Software presently has an average rating of Buy and a consensus price target of $66.00.

Insider Buying and Selling

In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated 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 directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at $224,040.78. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated 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 directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock valued at $765,004 over the last ninety days. Corporate 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.