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

Progress Software (NASDAQ:PRGS) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 4.650-4.750 for the period, compared to the consensus EPS estimate of 4.630. The company issued revenue guidance of $722.0 million-$732.0 million, compared to the consensus revenue estimate of $728.4 million. Progress Software also updated its FY24 guidance to $4.65-4.75 EPS.

Analysts Set New Price Targets

PRGS has been the subject of several research reports. Oppenheimer reissued an outperform rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday. Wedbush increased their target price on Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. cut their price target on Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $64.40.

Progress Software Stock Performance

Shares of PRGS stock opened at $52.63 on Thursday. The firm has a market cap of $2.31 billion, a PE ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95. Progress Software has a 12 month low of $49.02 and a 12 month high of $62.34. The company’s fifty day simple moving average is $55.29 and its 200-day simple moving average is $54.21. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share 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 during the quarter, compared to analysts’ expectations of $181.91 million. During the same period last year, the business earned $1.01 earnings per share. The firm’s revenue was up 11.5% on a year-over-year basis. Equities research analysts expect that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

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

Insider Activity

In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the stock in a transaction that occurred on Monday, January 8th. The shares were 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 in the company, valued at approximately $726,657.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progress Software 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 transaction of $2,287,909.30. Following the completion of the transaction, the chief executive officer now owns 186,558 shares of the company’s stock, valued at $10,624,478.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 750 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $52.12, for a total transaction of $39,090.00. Following the completion of the sale, the executive vice president now owns 13,942 shares in the company, valued at approximately $726,657.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,998 shares of company stock valued at $4,651,992. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Progress Software by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the period. State Street Corp raised its stake in Progress Software by 3.0% during the first quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock worth $68,740,000 after buying an additional 42,824 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Progress Software by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,325,811 shares of the software maker’s stock valued at $76,166,000 after buying an additional 19,608 shares during the period. Wellington Management Group LLP boosted its position in Progress Software by 25.4% during 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 acquiring an additional 250,733 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Progress Software by 12.9% in the 1st quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after acquiring an additional 103,070 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.