Progress Software (NASDAQ:PRGS) Issues FY24 Earnings Guidance

Progress Software (NASDAQ:PRGS) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.70-4.80 for the period, compared to the consensus EPS 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 Trading Down 1.3 %

Shares of NASDAQ PRGS opened at $54.24 on Friday. Progress Software has a 1-year low of $48.00 and a 1-year high of $62.34. The company has a market cap of $2.34 billion, a PE ratio of 33.07, a P/E/G ratio of 7.14 and a beta of 0.93. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a 50-day moving average of $50.53 and a two-hundred day moving average of $53.00.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 11.5% on a year-over-year basis. As a group, equities analysts expect that Progress Software will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm 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 dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio is 42.68%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PRGS shares. JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. Guggenheim restated a buy rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday. Oppenheimer restated an outperform rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday. DA Davidson restated a buy rating and set a $65.00 price objective on shares of Progress Software in a report on Wednesday. Finally, Jefferies Financial Group cut their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Progress Software currently has an average rating of Moderate Buy and an average target price of $63.14.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value of $29,135.76. Following the transaction, the executive vice president now directly owns 17,195 shares in the company, valued at $857,858.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now owns 37,542 shares of the company’s stock, valued at $1,895,871. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sundar Subramanian sold 584 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the transaction, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. 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 90 days. 3.40% of the stock is owned by corporate insiders.

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.