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

by · The Markets Daily

Progress Software (NASDAQ:PRGS – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PRGS shares. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday. Oppenheimer upped their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research report on Wednesday. Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday, June 26th. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a buy rating in a research note on Wednesday. Finally, DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Buy and a consensus price target of $66.00.

Read Our Latest Analysis on Progress Software

Progress Software Trading Up 3.0 %

Shares of NASDAQ:PRGS opened at $65.84 on Friday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 40.15, a PEG ratio of 7.28 and a beta of 0.91. Progress Software has a 1-year low of $48.00 and a 1-year high of $66.06. The company has a 50 day moving average price of $57.46 and a 200 day moving average price of $53.71.

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

Insider Transactions at Progress Software

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Ian Pitt sold 584 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now directly owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock valued at $765,004 over the last quarter. Company insiders own 3.40% of the company’s stock.

About Progress Software

(Get Free Report)

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.

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