Progress Software (NASDAQ:PRGS) Releases Q3 Earnings Guidance

Progress Software (NASDAQ:PRGSGet Free Report) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.11-1.15 for the period, compared to the consensus EPS estimate of $1.21. The company issued revenue guidance of $174-178 million, compared to the consensus revenue estimate of $183.53 million. Progress Software also updated its FY24 guidance to $4.70-4.80 EPS.

Progress Software Stock Down 0.6 %

Shares of PRGS stock traded down $0.28 during trading hours on Tuesday, reaching $48.70. The company had a trading volume of 714,506 shares, compared to its average volume of 518,930. The stock’s fifty day simple moving average is $50.40 and its 200 day simple moving average is $53.01. The company has a market capitalization of $2.10 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 6.36 and a beta of 0.93. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software has a twelve month low of $48.16 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGSGet Free Report) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same quarter last year, the company earned $1.01 earnings per share. Progress Software’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Progress Software will post 3.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRGS. JPMorgan Chase & Co. dropped their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a research note on Wednesday, March 27th. Oppenheimer reaffirmed an outperform rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. StockNews.com raised Progress Software from a buy rating to a strong-buy rating in a report on Wednesday, April 10th. Guggenheim restated a buy rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday. Finally, DA Davidson initiated coverage on Progress Software in a research note on Thursday, March 28th. They set a buy rating and a $65.00 target price for the company. One research analyst has rated the stock with a hold rating, five have issued 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 an average target price of $64.50.

Check Out Our Latest Stock Analysis on Progress Software

Insider Buying and Selling

In other news, CFO Anthony Folger sold 3,767 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Anthony Folger sold 3,767 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Ainsworth sold 30,631 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total transaction of $1,563,099.93. Following the sale, the executive vice president now owns 32,002 shares in the company, valued at approximately $1,633,062.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,761 shares of company stock worth $2,841,941. Corporate insiders own 3.30% of the company’s stock.

Progress Software Company Profile

(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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