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

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRGS. Oppenheimer reaffirmed an outperform rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday. Wedbush upped their target price on Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. reduced their price target on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a report on Wednesday. Finally, DA Davidson assumed coverage on shares of Progress Software in a research note on Thursday. They issued a buy rating and a $65.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of Moderate Buy and a consensus target price of $64.50.

Progress Software Trading Up 1.3 %

Shares of PRGS stock opened at $53.31 on Friday. The business’s 50 day moving average is $55.20 and its two-hundred day moving average is $54.20. The company has a quick ratio of 0.94, a current ratio of 0.91 and a debt-to-equity ratio of 1.46. Progress Software has a 12 month low of $49.02 and a 12 month high of $62.34. The company has a market cap of $2.34 billion, a PE ratio of 34.62, a price-to-earnings-growth ratio of 6.93 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The firm had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same quarter last year, the firm posted $1.01 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. Equities analysts predict that Progress Software will post 3.79 EPS for the current year.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, May 31st. This represents a $0.70 annualized dividend and a yield of 1.31%. Progress Software’s payout ratio is 45.45%.

Insider Buying and Selling at Progress Software

In other news, EVP Sundar Subramanian sold 5,799 shares of the stock in a transaction that occurred on 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 directly owns 15,399 shares of the company’s stock, valued at $809,679.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Sundar Subramanian sold 5,799 shares of the business’s stock in a transaction dated 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 legal filing with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total transaction of $430,575.00. Following the completion of the sale, the chief financial officer now owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock valued at $4,651,992 in the last 90 days. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

A number of hedge funds have recently modified their holdings of PRGS. Raymond James & Associates raised its stake in shares of Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after purchasing an additional 9,590 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Progress Software by 19.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after buying an additional 1,108 shares during the period. MetLife Investment Management LLC raised its stake in shares of Progress Software by 57.1% in the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000 after buying an additional 8,470 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Progress Software by 7.3% during the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock worth $5,269,000 after acquiring an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted 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 acquiring 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.