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

Progress Software (NASDAQ:PRGS) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 1.110-1.150 for the period, compared to the consensus earnings per share 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 Down 0.7 %

Shares of NASDAQ PRGS opened at $57.23 on Thursday. Progress Software has a 1-year low of $48.00 and a 1-year high of $60.33. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The business’s 50 day moving average is $56.62 and its two-hundred day moving average is $53.29. The stock has a market capitalization of $2.45 billion, a P/E ratio of 34.90, a PEG ratio of 7.38 and a beta of 0.91.

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

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.22%. Progress Software’s dividend payout ratio is currently 42.68%.

Analysts Set New Price Targets

PRGS has been the topic of several research reports. Oppenheimer restated an outperform rating and set a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. DA Davidson restated a buy rating and issued a $65.00 price target on shares of Progress Software in a report on Tuesday. Wedbush reiterated an outperform rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday. Jefferies Financial Group reduced their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday, June 26th. Finally, StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $63.50.

Insider Activity

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

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.