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 4.650-4.750 for the period, compared to the consensus earnings per share estimate of 4.630. The company issued revenue guidance of $722.0 million-$732.0 million, compared to the consensus revenue estimate of $728.4 million. Progress Software also updated its FY24 guidance to $4.65-4.75 EPS.

Wall Street Analyst Weigh In

Separately, Wedbush increased their price target on shares of Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a report on Friday, February 23rd. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $64.80.

Progress Software Stock Performance

PRGS stock traded down $0.11 during trading on Tuesday, hitting $52.65. 1,478,538 shares of the company traded hands, compared to its average volume of 554,350. Progress Software has a 1 year low of $49.02 and a 1 year high of $62.34. The company has a market cap of $2.31 billion, a PE ratio of 33.75, a P/E/G ratio of 6.91 and a beta of 0.95. The stock’s 50-day simple moving average is $55.37 and its 200 day simple moving average is $54.22. 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 posted 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 10.11% and a return on equity of 37.42%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same period in the previous year, the firm earned $1.01 EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities analysts expect that Progress Software will post 3.79 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. Progress Software’s dividend payout ratio is currently 44.87%.

Insider Activity

In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the company’s stock in a transaction 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 in the company, valued at $10,624,478.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progress Software news, CEO Yogesh K. Gupta sold 40,174 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sundar Subramanian sold 5,799 shares of Progress Software stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the sale, the executive vice president now directly owns 15,399 shares in the company, valued at $809,679.42. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock worth $4,651,992 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently modified their holdings of PRGS. Federated Hermes Inc. increased its holdings in shares of Progress Software by 46.7% in the third 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 last quarter. Tower Research Capital LLC TRC increased its stake in shares of 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 acquiring an additional 350 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of Progress Software by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock worth $123,000 after acquiring an additional 874 shares during the period. Point72 Middle East FZE acquired a new position in shares of Progress Software during the 4th quarter valued at about $147,000. Finally, Captrust Financial Advisors grew its holdings in shares of Progress Software by 75.1% in the first quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after purchasing an additional 1,512 shares during the period.

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.