Progress Software (NASDAQ:PRGS) Issues FY25 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY25 earnings guidance on Tuesday. The company provided EPS guidance of $5.00-$5.12 for the period, compared to the consensus EPS estimate of $5.62. The company issued revenue guidance of $958-$970 million, compared to the consensus revenue estimate of $944.69 million. Progress Software also updated its Q1 guidance to $1.02-$1.08 EPS.

Progress Software Price Performance

Shares of NASDAQ PRGS traded up $0.58 during midday trading on Tuesday, reaching $63.52. The company’s stock had a trading volume of 634,471 shares, compared to its average volume of 437,292. Progress Software has a one year low of $48.00 and a one year high of $70.56. The company has a 50 day moving average price of $66.54 and a 200 day moving average price of $62.38. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 33.97, a price-to-earnings-growth 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PRGS. Jefferies Financial Group increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. DA Davidson raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Two 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 company’s stock. Based on data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and an average price target of $71.71.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated 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 directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.