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

Progress Software (NASDAQ:PRGS) updated its third quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 1.110-1.150 for the period, compared to the consensus EPS estimate of 1.210. The company issued revenue guidance of $174.0 million-$178.0 million, compared to the consensus revenue estimate of $183.5 million. Progress Software also updated its FY 2024 guidance to 4.700-4.800 EPS.

Progress Software Price Performance

PRGS opened at $54.24 on Friday. The company has a fifty day moving average price of $50.53 and a two-hundred day moving average price of $53.00. 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 has a 52 week low of $48.00 and a 52 week high of $62.34. The firm has a market capitalization of $2.34 billion, a PE ratio of 33.07, a P/E/G ratio of 7.14 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS 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 firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the previous year, the business earned $1.01 EPS. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, analysts anticipate that Progress Software will post 3.85 earnings per share for the current year.

Progress Software Announces Dividend

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

Analyst Upgrades and Downgrades

PRGS has been the topic of several research reports. DA Davidson reaffirmed a buy rating and issued a $65.00 price objective on shares of Progress Software in a research report on Wednesday. StockNews.com lowered shares of Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a research note on Wednesday, March 27th. Jefferies Financial Group lowered 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. Finally, Oppenheimer reiterated an outperform rating and issued a $66.00 price target on shares of Progress Software in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $63.14.

Insider Transactions at Progress Software

In related news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the business’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 completion of the sale, the executive vice president now owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock worth $2,841,941 in the last ninety 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.