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

Progress Software (NASDAQ:PRGS) updated its second quarter 2024 earnings guidance on Tuesday. 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.

Progress Software Trading Up 1.3 %

Shares of PRGS opened at $53.31 on Friday. The business’s fifty day moving average is $55.20 and its 200-day moving average is $54.20. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 6.93 and a beta of 0.95. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.94 and a current ratio of 0.91. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) 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 analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. Equities analysts anticipate 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. Shareholders of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.70 annualized dividend and a yield of 1.31%. Progress Software’s dividend payout ratio is presently 45.45%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, EVP Sundar Subramanian sold 5,799 shares of the 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 directly owns 15,399 shares of the company’s stock, valued at $809,679.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software 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 transaction of $2,287,909.30. Following the completion of the transaction, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $52.58, for a total value of $304,911.42. Following the transaction, the executive vice president now directly owns 15,399 shares in the company, valued at approximately $809,679.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,998 shares of company stock worth $4,651,992. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in shares of Progress Software by 4.3% in the 4th quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after buying an additional 190 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Progress Software by 1.1% during the fourth quarter. Captrust Financial Advisors now owns 17,769 shares of the software maker’s stock worth $896,000 after acquiring an additional 195 shares during the period. Public Employees Retirement Association of Colorado boosted its position in Progress Software by 3.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 6,107 shares of the software maker’s stock worth $332,000 after purchasing an additional 197 shares during the last quarter. Yousif Capital Management LLC grew its stake in Progress Software by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock valued at $1,895,000 after purchasing an additional 250 shares during the period. Finally, Pathstone Family Office LLC increased its position in shares of Progress Software by 1.9% during the 4th quarter. Pathstone Family Office LLC now owns 15,741 shares of the software maker’s stock valued at $794,000 after purchasing an additional 297 shares during 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.