Progress Software (NASDAQ:PRGS) Issues Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.93-0.97 for the period, compared to the consensus EPS estimate of $1.15. The company issued revenue guidance of $166-170 million, compared to the consensus revenue estimate of $181.48 million. Progress Software also updated its FY 2024 guidance to 4.650-4.750 EPS.

Analyst Ratings Changes

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

Progress Software Stock Down 0.0 %

Progress Software stock opened at $52.63 on Thursday. The business’s 50-day simple moving average is $55.29 and its two-hundred day simple moving average is $54.21. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $2.31 billion, a PE ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95. Progress Software has a fifty-two week low of $49.02 and a fifty-two week high of $62.34.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same period in the prior year, the firm earned $1.01 EPS. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. Equities analysts anticipate that Progress Software will post 3.79 EPS for the current year.

Progress Software Dividend Announcement

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

Insider Activity at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the business’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the sale, the executive vice president now owns 13,942 shares in the company, valued at $726,657.04. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Sundar Subramanian sold 750 shares of the firm’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction of $39,090.00. Following the transaction, the executive vice president now owns 13,942 shares of the company’s stock, valued at $726,657.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Domenic Lococo sold 4,503 shares of Progress Software stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $57.00, for a total value of $256,671.00. Following the completion of the transaction, the chief accounting officer now owns 2,900 shares in the company, valued at $165,300. The disclosure for this sale can be found here. Insiders have sold a total of 81,998 shares of company stock valued at $4,651,992 over the last 90 days. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in PRGS. Norges Bank purchased a new position in shares of Progress Software in the 4th quarter valued at about $20,040,000. Arrowstreet Capital Limited Partnership raised its position in Progress Software by 1,128.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 355,742 shares of the software maker’s stock worth $20,437,000 after acquiring an additional 326,780 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Progress Software by 25.4% in the first quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after purchasing an additional 250,733 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Progress Software by 243.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 320,957 shares of the software maker’s stock worth $5,300,000 after purchasing an additional 227,625 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Progress Software by 12.9% during the 1st quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after purchasing an additional 103,070 shares during 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.