Progress Software (NASDAQ:PRGS) Releases Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its second quarter earnings guidance on Monday. The company provided EPS guidance of $1.28-1.34 for the period, compared to the consensus EPS estimate of $1.17. The company issued revenue guidance of $235-241 million, compared to the consensus revenue estimate of $233.82 million. Progress Software also updated its FY 2025 guidance to 5.250-5.370 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PRGS. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. DA Davidson reissued a “buy” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $74.00.

Progress Software Price Performance

PRGS stock traded up $0.12 during mid-day trading on Monday, reaching $51.51. The company’s stock had a trading volume of 1,278,906 shares, compared to its average volume of 534,481. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company’s 50 day moving average is $56.06 and its two-hundred day moving average is $62.12. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The stock has a market cap of $2.23 billion, a PE ratio of 33.02, a P/E/G ratio of 2.82 and a beta of 0.88.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 1,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at approximately $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 in the last three months. 3.40% of the stock is currently owned by insiders.

Progress Software Company Profile

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.