Progress Software (NASDAQ:PRGS) Updates 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PRGS shares. Oppenheimer increased their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Citigroup upped their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.71.

Progress Software Stock Up 0.9 %

NASDAQ PRGS traded up $0.58 during trading hours on Tuesday, reaching $63.52. 634,471 shares of the company’s stock traded hands, compared to its average volume of 437,292. The firm has a 50-day simple moving average of $66.54 and a 200 day simple moving average of $62.38. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The firm has a market cap of $2.73 billion, a PE ratio of 33.97, a PEG ratio of 6.86 and a beta of 0.93. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is currently 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.