Progress Software (NASDAQ:PRGS) Releases 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.

Progress Software stock opened at $48.97 on Thursday. Progress Software has a 52-week low of $35.63 and a 52-week high of $53.86. The firm has a fifty day moving average of $46.75 and a 200-day moving average of $45.83. The firm has a market capitalization of $2.15 billion, a P/E ratio of 29.86, a PEG ratio of 7.74 and a beta of 1.25. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 1.48.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Wednesday, September 22nd. The software maker reported $1.18 earnings per share for the quarter, beating 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 net margin of 15.58% and a return on equity of 37.43%. The business’s revenue was up 37.6% on a year-over-year basis. During the same period last year, the business earned $0.67 EPS. On average, research analysts expect that Progress Software will post 2.93 EPS for the current fiscal year.

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

A number of research firms have commented on PRGS. Oppenheimer increased their price objective on shares of Progress Software from $54.00 to $60.00 and gave the company an outperform rating in a research note on Friday, September 24th. Zacks Investment Research upgraded shares of 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. Finally, Citigroup increased their price objective on shares of Progress Software from $48.00 to $50.00 and gave the company a neutral rating in a research note on Friday, September 24th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Progress Software has an average rating of Buy and a consensus price target of $55.60.

In other news, EVP Jeremy Segal sold 1,281 shares of the firm’s stock in a transaction dated Monday, October 4th. The shares were sold at an average price of $49.30, for a total value of $63,153.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

A hedge fund recently raised its stake in Progress Software stock. Morgan Stanley raised 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 13F filing with the Securities and Exchange Commission. The firm owned 215,564 shares of the software maker’s stock after buying an additional 98,118 shares during the period. Morgan Stanley owned approximately 0.49% of Progress Software worth $9,970,000 as of its most recent SEC filing.

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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