Progress Software (NASDAQ:PRGS) Updates Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.93-0.97 for the period, compared to the consensus 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 FY24 guidance to $4.65-4.75 EPS.

Progress Software Trading Down 0.2 %

Shares of PRGS traded down $0.11 during midday trading on Tuesday, hitting $52.65. 1,442,626 shares of the stock were exchanged, compared to its average volume of 553,255. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The stock has a fifty day simple moving average of $55.39 and a 200 day simple moving average of $54.26. 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 firm has a market cap of $2.31 billion, a P/E ratio of 33.82, a P/E/G ratio of 6.91 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, January 16th. The software maker reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.11. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The firm had revenue of $177.52 million for the quarter, compared to analyst estimates of $174.12 million. During the same quarter last year, the company posted $0.91 earnings per share. The business’s revenue was up 11.5% on a year-over-year basis. On average, research analysts anticipate that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Thursday, February 29th. Progress Software’s dividend payout ratio is presently 44.87%.

Analysts Set New Price Targets

Separately, Wedbush increased their price target on Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $64.80.

Insider Activity

In other news, EVP Sundar Subramanian sold 750 shares of the company’s 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 owns 13,942 shares of the company’s stock, valued at $726,657.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $52.12, for a total value of $39,090.00. Following the transaction, the executive vice president now directly owns 13,942 shares in the company, valued at $726,657.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $56.95, for a total value of $2,287,909.30. Following the completion of the transaction, the chief executive officer now directly owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. 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 corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. boosted its holdings in Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after buying an additional 371 shares during the period. 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 grew 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 purchasing an additional 874 shares during the last quarter. Point72 Middle East FZE purchased a new position in Progress Software in the 4th quarter worth about $147,000. Finally, Captrust Financial Advisors increased its position in shares of 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 purchasing an additional 1,512 shares during 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.