Progress Software (NASDAQ:PRGS) Releases FY 2021 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY 2021 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.680-$3.700 for the period, compared to the Thomson Reuters consensus estimate of $3.470. The company issued revenue guidance of $548 million-$552 million, compared to the consensus revenue estimate of $533.16 million.Progress Software also updated its Q4 2021 guidance to $0.730-$0.750 EPS.

Several brokerages have recently issued reports on PRGS. Citigroup lifted their price target on Progress Software from $48.00 to $50.00 and gave the company a neutral rating in a report on Friday, September 24th. They noted that the move was a valuation call. Oppenheimer raised their price objective on Progress Software from $54.00 to $60.00 and gave the company an outperform rating in a research note on Friday, September 24th. 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 research note on Wednesday, September 29th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $55.60.

Shares of PRGS stock opened at $48.97 on Thursday. The stock’s 50 day simple moving average is $46.75 and its 200 day simple moving average is $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 twelve month low of $35.63 and a twelve month high of $53.86. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 7.74 and a beta of 1.25.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Wednesday, September 22nd. The software maker reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.36. The company had revenue of $152.60 million for the quarter, compared to the consensus estimate 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 for the quarter was up 37.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS. On average, analysts forecast that Progress Software will post 2.93 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend is Tuesday, November 30th. Progress Software’s dividend payout ratio is currently 26.12%.

In other news, EVP Jeremy Segal sold 1,281 shares of the business’s stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

An institutional investor recently raised its position in Progress Software stock. Morgan Stanley boosted its stake in Progress Software Co. (NASDAQ:PRGS) by 83.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,564 shares of the software maker’s stock after buying 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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