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

Progress Software (NASDAQ:PRGS) updated its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.930-0.970 for the period, compared to the consensus EPS 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 Down 0.0 %

Shares of NASDAQ PRGS opened at $52.63 on Thursday. The firm has a 50-day moving average of $55.29 and a 200 day moving average of $54.21. Progress Software has a 1 year low of $49.02 and a 1 year high of $62.34. The stock has a market cap of $2.31 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 6.94 and a beta of 0.95. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data 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 company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. Progress Software’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 EPS. As a group, sell-side analysts expect that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

Analysts Set New Price Targets

Several research firms recently weighed in on PRGS. Wedbush lifted their target price on Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a report on Wednesday. Finally, Oppenheimer restated an outperform rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $64.40.

Insider Buying and Selling at Progress Software

In related news, CEO Yogesh K. Gupta sold 40,174 shares of the 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 directly owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were 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 directly owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently made changes to their positions in PRGS. Vanguard Group Inc. lifted its stake in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after buying an additional 37,487 shares in the last quarter. State Street Corp boosted its holdings in shares of Progress Software by 3.0% during the 1st quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock worth $68,740,000 after purchasing an additional 42,824 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Progress Software by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,325,811 shares of the software maker’s stock valued at $76,166,000 after purchasing an additional 19,608 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Progress Software by 25.4% in the first quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after purchasing an additional 250,733 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Progress Software by 12.9% during the first quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after buying an additional 103,070 shares in 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.