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

Progress Software (NASDAQ:PRGS) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 4.650-4.750 for the period, compared to the consensus 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.

Progress Software Stock Performance

Progress Software stock opened at $52.65 on Wednesday. The stock’s 50 day moving average is $55.37 and its 200 day moving average is $54.22. The company has a market capitalization of $2.31 billion, a P/E ratio of 33.75, a PEG ratio of 6.95 and a beta of 0.95. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping 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 business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same period in the previous year, the company earned $1.01 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Progress Software will post 3.79 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

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

Analysts Set New Price Targets

Separately, Wedbush raised their target price 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, Progress Software has an average rating of Moderate Buy and a consensus target price of $64.80.

Insider Buying and Selling at Progress Software

In related news, CEO Yogesh K. Gupta sold 40,174 shares of Progress Software 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 sale, the chief executive officer now owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the completion of the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Yogesh K. Gupta sold 40,174 shares of the business’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 transaction, the chief executive officer now owns 186,558 shares in the company, valued at approximately $10,624,478.10. The disclosure for this sale can be found here. Insiders have sold a total of 81,998 shares of company stock valued at $4,651,992 over the last ninety days. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in Progress Software in the fourth quarter worth $20,040,000. Arrowstreet Capital Limited Partnership increased its stake in Progress Software by 1,128.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 355,742 shares of the software maker’s stock worth $20,437,000 after buying an additional 326,780 shares during the period. Wellington Management Group LLP boosted its position in Progress Software by 25.4% in the 1st quarter. Wellington Management Group LLP now owns 1,236,034 shares of the software maker’s stock valued at $58,204,000 after buying an additional 250,733 shares during the period. Envestnet Asset Management Inc. grew its stake in Progress Software by 243.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 320,957 shares of the software maker’s stock worth $5,300,000 after acquiring an additional 227,625 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Progress Software by 12.9% during the first quarter. Geode Capital Management LLC now owns 902,982 shares of the software maker’s stock worth $51,876,000 after acquiring an additional 103,070 shares during the period.

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.