Progress Software (NASDAQ:PRGS) Updates Q3 2024 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 1.110-1.150 for the period, compared to the consensus estimate of 1.140. The company issued revenue guidance of $174.0 million-$178.0 million, compared to the consensus revenue estimate of $175.9 million.

Progress Software Trading Up 2.5 %

Shares of PRGS stock opened at $57.62 on Wednesday. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $60.33. The company has a 50 day moving average price of $56.56 and a 200 day moving average price of $53.26. The stock has a market capitalization of $2.46 billion, a P/E ratio of 35.13, a price-to-earnings-growth ratio of 7.38 and a beta of 0.91. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $175.08 million during the quarter, compared to analyst estimates of $168.60 million. Equities research analysts predict that Progress Software will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given 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 1.21%. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. StockNews.com downgraded Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. Wedbush reaffirmed an outperform rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday. Oppenheimer reissued an outperform rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. DA Davidson reaffirmed a buy rating and set a $65.00 price objective on shares of Progress Software in a report on Tuesday. Finally, Guggenheim reiterated a buy rating and set a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Progress Software presently has an average rating of Moderate Buy and a consensus price target of $63.50.

Insider Transactions at Progress Software

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at $224,040.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the sale, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. In the last three months, insiders sold 13,763 shares of company stock valued at $765,004. Corporate insiders own 3.40% of the company’s stock.

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.