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

Progress Software (NASDAQ:PRGS) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.930-0.970 for the period, compared to the consensus earnings per share 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.

Wall Street Analysts Forecast Growth

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

Progress Software Trading Down 0.2 %

PRGS traded down $0.11 during trading on Tuesday, reaching $52.65. 1,478,538 shares of the stock traded hands, compared to its average volume of 554,350. The stock has a market capitalization of $2.31 billion, a PE ratio of 33.75, a P/E/G ratio of 6.91 and a beta of 0.95. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. The stock’s 50-day moving average is $55.39 and its 200 day moving average is $54.26. Progress Software has a 12 month low of $49.02 and a 12 month high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Equities analysts anticipate that Progress Software will post 3.79 earnings per share for the current year.

Progress Software Announces Dividend

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

Insiders Place Their Bets

In related news, CEO Yogesh K. Gupta sold 40,174 shares of the business’s 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 of the company’s stock, valued at approximately $10,624,478.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Progress Software news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the transaction, the chief financial officer now directly owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction dated 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 owns 186,558 shares of the company’s stock, valued at $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 currently owned by company insiders.

Institutional Trading of Progress Software

Institutional investors have recently made changes to their positions in the company. Raymond James & Associates boosted its position in Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock worth $2,361,000 after purchasing an additional 9,590 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in 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 valued at $322,000 after acquiring an additional 1,108 shares during the period. MetLife Investment Management LLC lifted its holdings in Progress Software by 57.1% during the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 8,470 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Progress Software by 7.3% in the first quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after acquiring an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Progress Software by 14.9% during 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.

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.