Progress Software (NASDAQ:PRGS) Issues FY 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 4.650-4.750 for the period, compared to the consensus EPS estimate of 4.630. The company issued revenue guidance of $722.0 million-$732.0 million, compared to the consensus revenue estimate of $728.4 million. Progress Software also updated its FY24 guidance to $4.65-4.75 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRGS. JPMorgan Chase & Co. reduced their price objective on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday. Oppenheimer restated an outperform rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday. Finally, Wedbush increased their target price on Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a research note on Friday, February 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has an average rating of Moderate Buy and an average price target of $64.40.

Progress Software Stock Down 0.0 %

Shares of NASDAQ PRGS opened at $52.63 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. Progress Software has a 12-month low of $49.02 and a 12-month high of $62.34. The firm’s 50-day moving average price is $55.29 and its 200-day moving average price is $54.21. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 EPS. On average, equities research 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. Shareholders of record on Monday, June 3rd will be paid a $0.175 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. Progress Software’s payout ratio is 45.45%.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $52.58, for a total value of $304,911.42. Following the transaction, the executive vice president now directly owns 15,399 shares in the company, valued at approximately $809,679.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Yogesh K. Gupta sold 40,174 shares of the 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 transaction, the chief executive officer now directly owns 186,558 shares in the company, valued at $10,624,478.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock valued at $4,651,992 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

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