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

Progress Software (NASDAQ:PRGS) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 4.700-4.800 for the period, compared to the consensus earnings per share estimate of 4.690. The company issued revenue guidance of $725.0 million-$735.0 million, compared to the consensus revenue estimate of $726.5 million. Progress Software also updated its FY24 guidance to $4.70-4.80 EPS.

Analyst Ratings Changes

Several brokerages have recently weighed in on PRGS. Guggenheim restated a buy rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday. StockNews.com lowered Progress Software from a strong-buy rating to a buy rating in a report on Wednesday. Oppenheimer reaffirmed an outperform rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday. JPMorgan Chase & Co. decreased their price target on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. Finally, DA Davidson reiterated a buy rating and issued a $65.00 price target on shares of Progress Software in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Progress Software presently has an average rating of Moderate Buy and an average target price of $63.14.

Progress Software Trading Down 1.3 %

Shares of NASDAQ PRGS opened at $54.24 on Friday. Progress Software has a one year low of $48.00 and a one year high of $62.34. The firm has a market capitalization of $2.34 billion, a PE ratio of 33.07, a PEG ratio of 7.14 and a beta of 0.93. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The business has a 50-day moving average price of $50.53 and a two-hundred day moving average price of $53.00.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 EPS. As a group, analysts predict that Progress Software will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. Progress Software’s dividend payout ratio is 42.68%.

Insider Activity

In other news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now directly owns 37,542 shares in the company, valued at $1,895,871. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock worth $2,841,941 in the last three months. 3.40% of the stock is owned by insiders.

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.