Progress Software (NASDAQ:PRGS) Updates Q2 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.930-0.970 for the period, compared to the consensus estimate of 1.150. The company issued revenue guidance of $166.0 million-$170.0 million, compared to the consensus revenue estimate of $181.5 million. Progress Software also updated its FY 2024 guidance to 4.650-4.750 EPS.

Analyst Ratings Changes

A number of equities research analysts recently commented on PRGS shares. JPMorgan Chase & Co. decreased their price target on Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday. Oppenheimer restated an outperform rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday. Finally, Wedbush raised their target price on shares of Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Progress Software presently has a consensus rating of Moderate Buy and an average target price of $64.40.

Progress Software Stock Down 0.0 %

Shares of Progress Software stock opened at $52.63 on Thursday. Progress Software has a 1 year low of $49.02 and a 1 year high of $62.34. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $2.31 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 6.94 and a beta of 0.95. The business has a 50-day moving average of $55.29 and a two-hundred day moving average of $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 for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The firm had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The business’s revenue was up 11.5% on a year-over-year basis. As a group, equities analysts predict 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 issued a $0.175 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.33%. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Insider Transactions at Progress Software

In other 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 value of $39,090.00. Following the completion of the transaction, the executive vice president now owns 13,942 shares in the company, valued at approximately $726,657.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, insider Ian Pitt sold 3,168 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.40, for a total transaction of $181,843.20. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sundar Subramanian sold 750 shares of Progress Software stock in a transaction on 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 directly owns 13,942 shares of the company’s stock, valued at $726,657.04. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock valued at $4,651,992 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently modified their holdings of PRGS. Raymond James & Associates raised its stake in Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after purchasing an additional 9,590 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Progress Software by 19.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock worth $322,000 after acquiring an additional 1,108 shares in the last quarter. MetLife Investment Management LLC raised its position in Progress Software by 57.1% during the first quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000 after purchasing an additional 8,470 shares in the last quarter. Rhumbline Advisers lifted its stake in Progress Software by 7.3% during the first quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after purchasing an additional 7,594 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Progress Software by 14.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 4,951 shares in the last quarter.

About Progress Software

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.