Progress Software (NASDAQ:PRGS) Issues Q1 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $1.02-$1.08 for the period, compared to the consensus earnings per share estimate of $1.41. The company issued revenue guidance of $232-$238 million, compared to the consensus revenue estimate of $235.74 million. Progress Software also updated its FY25 guidance to $5.00-$5.12 EPS.

Progress Software Stock Up 0.9 %

NASDAQ PRGS traded up $0.58 during trading on Tuesday, hitting $63.52. 650,705 shares of the company traded hands, compared to its average volume of 438,395. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56. The business has a fifty day simple moving average of $66.54 and a 200 day simple moving average of $62.38. The company has a market capitalization of $2.73 billion, a P/E ratio of 33.97, a PEG ratio of 6.86 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Analyst Ratings Changes

Several equities analysts have commented on PRGS shares. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Citigroup lifted their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday. Jefferies Financial Group upped their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Guggenheim restated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Friday. Finally, Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average target price of $71.71.

Insider Activity

In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.30% of the stock is owned by company insiders.

About Progress Software

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.