Progress Software (NASDAQ:PRGS) Updates Q2 Earnings Guidance

Progress Software (NASDAQ:PRGS) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.93-0.97 for the period, compared to the consensus EPS estimate of $1.15. The company issued revenue guidance of $166-170 million, compared to the consensus revenue estimate of $181.48 million. Progress Software also updated its FY 2024 guidance to 4.650-4.750 EPS.

Analyst Ratings Changes

Several research firms have commented on PRGS. JPMorgan Chase & Co. decreased their price objective on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday. DA Davidson assumed coverage on Progress Software in a research report on Thursday. They set a buy rating and a $65.00 price target for the company. Oppenheimer reissued an outperform rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday. Finally, Wedbush raised their target price on Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $64.50.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $53.31 on Friday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 34.62, a price-to-earnings-growth ratio of 6.93 and a beta of 0.95. The stock has a fifty day simple moving average of $55.20 and a two-hundred day simple moving average of $54.20. The company has a current ratio of 0.91, a quick ratio of 0.94 and a debt-to-equity ratio of 1.46. Progress Software has a 1-year low of $49.02 and a 1-year high of $62.34.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.01 EPS. Analysts anticipate that Progress Software will post 3.79 earnings per share for the current year.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.175 per share. The ex-dividend date is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.31%. Progress Software’s payout ratio is 45.45%.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 5,799 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $52.58, for a total transaction of $304,911.42. Following the sale, the executive vice president now directly owns 15,399 shares in the company, valued at approximately $809,679.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at approximately $809,679.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Francis Kane sold 5,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $57.37, for a total transaction of $286,850.00. Following the completion of the transaction, the director now directly owns 62,110 shares of the company’s stock, valued at $3,563,250.70. The disclosure for this sale can be found here. Insiders sold 81,998 shares of company stock valued at $4,651,992 over the last three months. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in PRGS. Lazard Asset Management LLC grew its holdings in shares of Progress Software by 4.3% during the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after purchasing an additional 190 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Progress Software by 1.1% in the 4th quarter. Captrust Financial Advisors now owns 17,769 shares of the software maker’s stock worth $896,000 after buying an additional 195 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Progress Software by 3.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,107 shares of the software maker’s stock valued at $332,000 after buying an additional 197 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Progress Software by 0.6% during the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock worth $1,895,000 after acquiring an additional 250 shares during the last quarter. Finally, Pathstone Family Office LLC grew its position in Progress Software by 1.9% in the fourth quarter. Pathstone Family Office LLC now owns 15,741 shares of the software maker’s stock worth $794,000 after acquiring an additional 297 shares in the last quarter.

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.