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

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 4.650-4.750 for the period, compared to the consensus earnings per share 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.

Progress Software Stock Performance

PRGS traded down $0.11 during midday trading on Tuesday, reaching $52.65. The company’s stock had a trading volume of 1,478,538 shares, compared to its average volume of 554,350. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55. The company has a fifty day simple moving average of $55.37 and a 200 day simple moving average of $54.22. The stock has a market cap of $2.31 billion, a P/E ratio of 33.75, a PEG ratio of 6.91 and a beta of 0.95. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 10.11% and a return on equity of 37.42%. The business’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. Research analysts expect that Progress Software will post 3.79 earnings per share for the current year.

Progress Software Dividend Announcement

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

Analyst Ratings Changes

Separately, Wedbush raised 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. 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 has a consensus rating of Moderate Buy and an average price target of $64.80.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,500 shares of the business’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 sale, the chief financial officer now owns 37,046 shares in the company, valued at approximately $2,126,810.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Anthony Folger sold 7,500 shares of Progress Software stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 37,046 shares in the company, valued at $2,126,810.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ian Pitt sold 3,168 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $57.40, for a total value of $181,843.20. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $181,785.80. The disclosure for this sale can be found here. Insiders have sold 81,998 shares of company stock worth $4,651,992 over the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its position in Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after purchasing an additional 371 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Progress Software by 29.7% during the second quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock valued at $89,000 after acquiring an additional 350 shares during the period. Penserra Capital Management LLC boosted its holdings in Progress Software by 50.0% in the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after acquiring an additional 874 shares during the last quarter. Point72 Middle East FZE acquired a new stake in Progress Software in the fourth quarter worth about $147,000. Finally, Captrust Financial Advisors raised its holdings in Progress Software by 75.1% during the 1st quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock worth $166,000 after purchasing an additional 1,512 shares during 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.