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

Progress Software (NASDAQ:PRGS) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.110-1.150 for the period, compared to the consensus 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 Trading Down 1.3 %

PRGS stock opened at $54.24 on Friday. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 33.07, a PEG ratio of 7.14 and a beta of 0.93. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The business has a fifty day simple moving average of $50.53 and a 200-day simple moving average of $53.00. Progress Software has a 52 week low of $48.00 and a 52 week high of $62.34.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period in the prior year, the firm earned $1.01 EPS. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts expect that Progress Software will post 3.85 EPS for the current year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.29%. Progress Software’s dividend payout ratio is currently 42.68%.

Analyst Upgrades and Downgrades

PRGS has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday, March 27th. DA Davidson restated a buy rating and set a $65.00 target price on shares of Progress Software in a research note on Wednesday. Guggenheim restated a buy rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday. Oppenheimer restated an outperform rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday. Finally, StockNews.com downgraded Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $63.14.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now owns 37,542 shares in the company, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Krall sold 20,000 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,761 shares of company stock worth $2,841,941. 3.40% of the stock is owned by company 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.