Progress Software (NASDAQ:PRGS) Releases Q1 Earnings Guidance

Progress Software (NASDAQ:PRGS - Get Free Report) issued an update on its first quarter earnings guidance on Tuesday morning. 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 Ratings Changes

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

Progress Software Stock Up 0.9 %

Progress Software stock traded up $0.58 during midday trading on Tuesday, reaching $63.52. The stock had a trading volume of 634,471 shares, compared to its average volume of 437,292. The company has a fifty day moving average price of $66.54 and a two-hundred day moving average price 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. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

Insider Buying and Selling at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.30% of the company's stock.

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.

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