Progress Software (NASDAQ:PRGS) Updates FY24 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.65-4.75 for the period, compared to the consensus earnings per share 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 Q2 guidance to $0.93-0.97 EPS.

Analysts Set New Price Targets

Separately, Wedbush boosted 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 given a buy rating to the stock. Based on data from MarketBeat, Progress Software has an average rating of Moderate Buy and an average price target of $64.80.

Progress Software Price Performance

PRGS stock traded down $0.11 during trading on Tuesday, hitting $52.65. The company had a trading volume of 1,438,952 shares, compared to its average volume of 553,906. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 33.75, a P/E/G ratio of 6.91 and a beta of 0.95. The business has a 50 day moving average of $55.39 and a 200 day moving average of $54.26. Progress Software has a fifty-two week low of $49.02 and a fifty-two week high of $62.34. 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 (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, January 16th. The software maker reported $1.02 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.11. The company had revenue of $177.52 million during the quarter, compared to analyst estimates of $174.12 million. Progress Software had a net margin of 10.11% and a return on equity of 37.42%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. As a group, research analysts predict that Progress Software will post 3.79 earnings per share for the current year.

Progress Software Announces Dividend

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

Insider Buying and Selling

In related news, EVP Sundar Subramanian sold 750 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 13,942 shares of the company’s stock, valued at $726,657.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 186,558 shares in the company, valued at $10,624,478.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Sundar Subramanian sold 750 shares of Progress Software 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 sale, the executive vice president now 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 a total of 81,998 shares of company stock valued at $4,651,992 over the last ninety days. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC bought a new stake in Progress Software in the 4th quarter valued at approximately $249,000. Tower Research Capital LLC TRC lifted its position in shares of Progress Software by 187.6% during the 3rd quarter. Tower Research Capital LLC TRC now owns 4,392 shares of the software maker’s stock worth $231,000 after buying an additional 2,865 shares during the last quarter. Lazard Asset Management LLC raised its position in Progress Software by 4.3% in the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock valued at $231,000 after purchasing an additional 190 shares during the last quarter. Truist Financial Corp bought a new position in shares of Progress Software during the fourth quarter worth about $229,000. Finally, Baird Financial Group Inc. bought a new position in shares of Progress Software during the third quarter worth about $217,000.

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.