Progress Software (NASDAQ:PRGS) Issues Q4 2021 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its fourth quarter 2021 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.730-$0.750 for the period, compared to the Thomson Reuters consensus estimate of $0.860. The company issued revenue guidance of $134 million-$138 million, compared to the consensus revenue estimate of $141.18 million.Progress Software also updated its FY 2021 guidance to $3.680-$3.700 EPS.

Shares of Progress Software stock traded up $0.66 during midday trading on Thursday, hitting $49.63. The company had a trading volume of 932 shares, compared to its average volume of 368,960. The company has a 50 day moving average of $46.75 and a 200 day moving average of $45.83. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.77 and a current ratio of 1.77. Progress Software has a 52-week low of $35.63 and a 52-week high of $53.86. The stock has a market capitalization of $2.18 billion, a P/E ratio of 29.86, a P/E/G ratio of 7.74 and a beta of 1.25.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Wednesday, September 22nd. The software maker reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.36. The business had revenue of $152.60 million during the quarter, compared to analyst estimates of $131.07 million. Progress Software had a return on equity of 37.43% and a net margin of 15.58%. Progress Software’s revenue was up 37.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 EPS. Equities research analysts forecast that Progress Software will post 2.93 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Tuesday, November 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.41%. Progress Software’s dividend payout ratio (DPR) is presently 26.12%.

Several research analysts have weighed in on the company. Oppenheimer upped their price target on Progress Software from $54.00 to $60.00 and gave the stock an outperform rating in a research note on Friday, September 24th. Citigroup upped their price objective on Progress Software from $48.00 to $50.00 and gave the stock a neutral rating in a report on Friday, September 24th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Progress Software from a hold rating to a buy rating and set a $57.00 price objective on the stock in a report on Wednesday, September 29th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $55.60.

In related news, EVP Jeremy Segal sold 1,281 shares of the stock in a transaction on Monday, October 4th. The stock was sold at an average price of $49.30, for a total transaction of $63,153.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

A hedge fund recently raised its stake in Progress Software stock. Morgan Stanley grew its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 83.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 215,564 shares of the software maker’s stock after purchasing an additional 98,118 shares during the quarter. Morgan Stanley owned approximately 0.49% of Progress Software worth $9,970,000 at the end of the most recent quarter.

About Progress Software

Progress Software Corp. engages in the provision of a platform, which develops and deploys mission-critical business applications. It operates through the following segments: OpenEdge, Data Connectivity and Integration and Application Development and Deployment. The OpenEdge segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers.

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