Progress Software (NASDAQ:PRGS) Updates Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.93-0.97 for the period, compared to the consensus estimate of $1.15. The company issued revenue guidance of $166-170 million, compared to the consensus revenue estimate of $181.48 million. Progress Software also updated its FY 2024 guidance to 4.650-4.750 EPS.

Progress Software Price Performance

NASDAQ PRGS opened at $52.63 on Thursday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The business has a 50 day simple moving average of $55.29 and a 200 day simple moving average of $54.21. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the business posted $1.01 earnings per share. Analysts anticipate that Progress Software will post 3.79 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software’s dividend payout ratio is currently 45.45%.

Analysts Set New Price Targets

PRGS has been the subject of a number of research analyst reports. 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. Wedbush raised their price objective 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. Finally, Oppenheimer reaffirmed an outperform rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $64.40.

Insider Buying and Selling at Progress Software

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the firm’s stock in a transaction on 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 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 filing with the SEC, which is available through this hyperlink. 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 transaction of $2,287,909.30. Following the sale, 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 accessible through this hyperlink. Also, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction 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 completion of the transaction, the executive vice president now owns 15,399 shares in the company, valued at approximately $809,679.42. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock valued at $4,651,992 in the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Verition Fund Management LLC bought a new position in shares of Progress Software during the fourth quarter valued at $249,000. Tower Research Capital LLC TRC grew its position in shares of Progress Software by 187.6% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,392 shares of the software maker’s stock valued at $231,000 after buying an additional 2,865 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Progress Software by 4.3% during the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after acquiring an additional 190 shares during the last quarter. Truist Financial Corp bought a new stake in Progress Software in the fourth quarter valued at approximately $229,000. Finally, Baird Financial Group Inc. acquired a new stake in Progress Software during the 3rd quarter valued at approximately $217,000.

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.