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Progress Software Corporation (Nasdaq: PRGS), a leading provider of application development and digital experience technologies, will release its first-quarter earnings report after the market closes on March 26, 2024. The company’s performance will be closely watched by investors and analysts alike as it navigates the tech industry’s ongoing challenges and opportunities.
Analysts Expect Progress Software Corp. to Report $1.14 EPS in Q1
Analysts have tempered their expectations for Progress Software’s quarterly earnings. The consensus estimate is $1.14 per share, a decline from the $1.19 per share reported in the same quarter last year.
However, the company is expected to report higher quarterly revenue of $181.91 million, representing a year-over-year change of -4.2% in earnings per share. It is worth noting that the consensus EPS estimate has been revised slightly lower by 0.43% over the past 30 days.Progress Software has a track record of surpassing earnings expectations, outperforming consensus EPS estimates in the last four quarters. In the previously reported quarter, the company posted earnings of $1.02 per share, comfortably beating the expected $0.91 and marking a surprise of +12.09%.
As a result, the stock’s post-earnings movement will likely be influenced by whether Progress Software can continue this trend of exceeding expectations.
Highlights to Look Out For as Progress Software Corp Reports Q1 Earnings
As Progress Software prepares to announce its first-quarter results, investors and analysts will closely monitor several key aspects of the company’s performance.
Despite the anticipated decline in earnings per share, Progress Software is expected to report a 9.8% increase in revenues compared to the year-ago quarter. This growth in revenue highlights the company’s potential to capitalize on new opportunities and expand its market presence, even as it navigates the challenges of the current business environment.Analysts have expressed a generally positive outlook on Progress Software, with recent ratings ranging from Outperform to Neutral.
Notable firms such as Wedbush, Oppenheimer, and Citigroup have adjusted their price targets upwards, signaling confidence in the company’s ability to deliver long-term value to shareholders. These ratings and price target adjustments may influence investor sentiment before and after the earnings release.During the upcoming earnings call, investors will likely pay close attention to Progress Software’s commentary on current business conditions and prospects. The company’s insights into market trends, customer demand, and strategic initiatives will be crucial in shaping future earnings and stock price performance expectations.More By This Author:Can Intel And AMD Compete With Nvidia?
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