Progress Software (NASDAQ:PRGS) Releases FY24 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.65-4.75 for the period, compared to the consensus EPS estimate of $4.63. The company issued revenue guidance of $722-732 million, compared to the consensus revenue estimate of $728.47 million. Progress Software also updated its FY 2024 guidance to 4.650-4.750 EPS.

Wall Street Analyst Weigh In

PRGS has been the subject of several research analyst reports. Wedbush lifted their target price on Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. Oppenheimer reiterated an outperform rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their target price on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $64.40.

Progress Software Stock Performance

Shares of PRGS stock opened at $52.63 on Thursday. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. The company’s 50 day moving average is $55.29 and its 200 day moving average is $54.21.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same period last year, the business posted $1.01 EPS. The business’s revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.33%. The ex-dividend date is Monday, June 3rd. Progress Software’s dividend payout ratio is currently 45.45%.

Insider Buying and Selling at Progress Software

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the sale, the chief executive officer now owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the sale, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Anthony Folger sold 7,500 shares of Progress Software stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total transaction of $430,575.00. Following the transaction, the chief financial officer now directly owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its stake in Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of Progress Software by 29.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock valued at $89,000 after buying an additional 350 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Progress Software by 50.0% in the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after buying an additional 874 shares during the last quarter. Point72 Middle East FZE acquired a new position in Progress Software during the fourth quarter worth about $147,000. Finally, Captrust Financial Advisors grew its stake in Progress Software by 75.1% during the 1st quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after acquiring an additional 1,512 shares in the last quarter.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.