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

Progress Software (NASDAQ:PRGS) issued an update on its third quarter 2024 earnings guidance on Monday morning. The company provided EPS guidance of 1.110-1.150 for the period, compared to the consensus EPS 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 Price Performance

Shares of NASDAQ:PRGS opened at $56.22 on Tuesday. The firm has a 50 day moving average of $56.51 and a 200-day moving average of $53.25. The stock has a market capitalization of $2.41 billion, a PE ratio of 34.28, a PEG ratio of 7.38 and a beta of 0.91. Progress Software has a 12 month low of $48.00 and a 12 month high of $60.33. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. On average, 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 declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.25%. Progress Software’s dividend payout ratio (DPR) is currently 42.68%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PRGS shares. Guggenheim reaffirmed a buy rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. DA Davidson reiterated a buy rating and issued a $65.00 price objective on shares of Progress Software in a research note on Wednesday, June 26th. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday, June 26th. Oppenheimer restated an outperform rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Finally, Wedbush upped their price objective on shares of Progress Software from $67.00 to $68.00 and gave the company an outperform rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $63.50.

Insider Activity

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the company’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 directly 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 is available through the SEC website. In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock valued at $765,004 in the last 90 days. 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.