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

Progress Software (NASDAQ:PRGS) updated its fourth quarter 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $0.730-$0.750 for the period, compared to the Thomson Reuters consensus earnings per share 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.

A number of equities research analysts have commented on the company. Zacks Investment Research cut Progress Software from a buy rating to a hold rating in a research note on Thursday, August 26th. Oppenheimer increased their price target on Progress Software from $54.00 to $60.00 and gave the company an outperform rating in a research note on Friday. Citigroup increased their price target on Progress Software from $48.00 to $50.00 and gave the company a neutral rating in a research note on Friday. They noted that the move was a valuation call. Finally, Guggenheim assumed coverage on Progress Software in a research note on Tuesday, June 8th. They issued a buy rating and a $56.00 price target for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $54.40.

Shares of PRGS stock opened at $53.10 on Friday. The stock’s 50-day simple moving average is $45.80 and its 200-day simple moving average is $45.35. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market capitalization of $2.32 billion, a PE ratio of 32.38, a P/E/G ratio of 7.74 and a beta of 1.25. Progress Software has a fifty-two week low of $34.50 and a fifty-two week high of $53.86.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Wednesday, September 22nd. The software maker reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.36. The business had revenue of $152.60 million for 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%. The company’s revenue was up 37.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 earnings per share. Sell-side analysts forecast that Progress Software will post 2.93 earnings per share for the current year.

An institutional investor recently raised its position in Progress Software stock. Morgan Stanley increased its stake in shares of Progress Software Co. (NASDAQ:PRGS) by 83.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 215,564 shares of the software maker’s stock after acquiring an additional 98,118 shares during the period. Morgan Stanley owned about 0.49% of Progress Software worth $9,970,000 as of its most recent filing with the Securities & Exchange Commission.

Progress Software Company Profile

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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