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 (EPS) guidance of $4.65-4.75 for the period, compared to the consensus 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 FY 2024 guidance to 4.650-4.750 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a report on Wednesday. Oppenheimer reaffirmed an outperform rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday. Finally, Wedbush upped their target price on shares of Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $64.40.

Progress Software Stock Down 0.0 %

Shares of PRGS opened at $52.63 on Thursday. Progress Software has a fifty-two week low of $49.02 and a fifty-two week high of $62.34. The company’s fifty day moving average is $55.29 and its two-hundred day moving average is $54.21. The firm has a market cap of $2.31 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 6.94 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.

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 the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. During the same period last year, the company posted $1.01 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Analysts forecast that Progress Software will post 3.79 earnings per share for the current 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 issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s payout ratio is currently 45.45%.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the transaction, the executive vice president now owns 15,399 shares in the company, valued at approximately $809,679.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the sale, the executive vice president now owns 15,399 shares in the company, valued at $809,679.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Yogesh K. Gupta sold 40,174 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now 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 quarter, insiders have sold 81,998 shares of company stock worth $4,651,992. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently bought and sold shares of the business. Verition Fund Management LLC acquired a new position in shares of Progress Software in the 4th quarter valued at approximately $249,000. Tower Research Capital LLC TRC increased its stake in shares of Progress Software by 187.6% in the third 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 boosted its stake in Progress Software by 4.3% during the 4th quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock valued at $231,000 after acquiring an additional 190 shares during the last quarter. Truist Financial Corp acquired a new position in Progress Software during the 4th quarter worth $229,000. Finally, Baird Financial Group Inc. bought a new stake in shares of Progress Software in the 3rd 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.