Progress Software (NASDAQ:PRGS) Updates FY24 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $4.70-4.80 for the period, compared to the consensus earnings per share estimate of $4.69. The company issued revenue guidance of $725-735 million, compared to the consensus revenue estimate of $726.52 million. Progress Software also updated its FY 2024 guidance to 4.700-4.800 EPS.

Progress Software Stock Performance

Shares of PRGS opened at $54.24 on Friday. The stock has a 50-day moving average of $50.53 and a two-hundred day moving average of $53.00. The stock has a market cap of $2.34 billion, a P/E ratio of 33.07, a P/E/G ratio of 7.14 and a beta of 0.93. Progress Software has a one year low of $48.00 and a one year high of $62.34. 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 quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter last year, the business posted $1.01 EPS. The company’s revenue was up 11.5% on a year-over-year basis. As a group, research analysts predict that Progress Software will post 3.85 EPS for the current year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid 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 yield of 1.29%. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Jefferies Financial Group lowered their target price on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday. Oppenheimer reiterated an outperform rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday. StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a report on Wednesday. Guggenheim reiterated a buy rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday. Finally, DA Davidson reiterated a buy rating and issued a $65.00 price objective on shares of Progress Software in a 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, the company presently has a consensus rating of Moderate Buy and a consensus target price of $63.14.

Insider Buying and Selling at Progress Software

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

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.