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 guidance of $4.65-4.75 for the period, compared to the consensus earnings per share 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.

Progress Software Stock Performance

Progress Software stock opened at $53.31 on Friday. 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 one year low of $49.02 and a one year high of $62.34. The stock’s 50 day moving average price is $55.20 and its 200 day moving average price is $54.20. The firm has a market capitalization 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 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 36.62%. The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period in the prior year, the firm earned $1.01 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm 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 dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Monday, June 3rd. Progress Software’s payout ratio is 45.45%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.41, for a total transaction of $430,575.00. Following the transaction, the chief financial officer now directly owns 37,046 shares in the company, valued at $2,126,810.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, CFO Anthony Folger sold 7,500 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software stock in a transaction that occurred on Thursday, February 1st. The shares were 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 $10,624,478.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. boosted its stake in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after purchasing an additional 371 shares during the period. Tower Research Capital LLC TRC grew its holdings in Progress Software by 29.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,527 shares of the software maker’s stock worth $89,000 after buying an additional 350 shares in the last quarter. Penserra Capital Management LLC increased its position in Progress Software by 50.0% in the 1st 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 period. Point72 Middle East FZE acquired a new stake in Progress Software in the 4th quarter valued at approximately $147,000. Finally, Captrust Financial Advisors boosted its position 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 acquiring an additional 1,512 shares during the period.

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.