Progress Software Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Progress Software Corporation PRGS is expected to release earnings results for its first quarter, after the closing bell on March 26, 2024.

Analysts expect the Burlington, Massachusetts-based company to report quarterly earnings at $1.14 per share, down from $1.19 per share in the year-ago quarter. Progress Software is projected to report quarterly revenue of $181.91 million, according to data from Benzinga Pro.

On Feb. 27, Progress Software priced its upsized offering of $400 million 3.50% convertible senior notes due 2030.
Progress Software shares fell 0.8% to close at $52.48 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

• Wedbush analyst Daniel Ives maintained an Outperform rating and boosted the price target from $65 to $67 on Feb. 23, 2024. This analyst has an accuracy rate of 72%.
• Oppenheimer analyst Ittai Kidron reiterated an Outperform rating with a price target of $66 on Sept. 27, 2023. This analyst has an accuracy rate of 73%.
• Citigroup analyst Fatima Boolani maintained a Neutral rating and increased the price target from $57 to $62 on Aug. 8, 2023. This analyst has an accuracy rate of 74%.
• Guggenheim analyst Raymond McDonough reiterated a Buy rating with a price target of $64 on March 29, 2023. This analyst has an accuracy rate of 70%.
• JP Morgan analyst Pinjalim Bora maintained an Overweight rating and boosted the price target from $57 to $65 on March 29, 2023. This analyst has an accuracy rate of 68%.

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