Progress Software (NASDAQ:PRGS) Issues Q2 2022 Earnings Guidance

Progress Software (NASDAQ:PRGSGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.940-$0.960 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.890. The company issued revenue guidance of $145 million-$148 million, compared to the consensus revenue estimate of $146.05 million.Progress Software also updated its FY 2022 guidance to $4.010-$4.090 EPS.

Shares of NASDAQ PRGS opened at $48.01 on Tuesday. The firm has a fifty day moving average price of $44.98 and a 200-day moving average price of $47.30. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market cap of $2.10 billion, a PE ratio of 26.82, a price-to-earnings-growth ratio of 6.87 and a beta of 1.16. Progress Software has a 1 year low of $41.68 and a 1 year high of $53.99.

Progress Software (NASDAQ:PRGSGet Rating) last announced its quarterly earnings data on Tuesday, March 29th. The software maker reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.12. The firm had revenue of $147.51 million during the quarter, compared to analysts’ expectations of $139.24 million. Progress Software had a net margin of 14.40% and a return on equity of 39.08%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.82 earnings per share. On average, research analysts expect that Progress Software will post 3.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st will be paid a $0.175 dividend. The ex-dividend date is Tuesday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.46%. Progress Software’s dividend payout ratio (DPR) is presently 39.11%.

PRGS has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Progress Software from a hold rating to a buy rating and set a $52.00 price objective for the company in a research note on Thursday, April 7th. StockNews.com started coverage on shares of Progress Software in a research note on Thursday, March 31st. They set a strong-buy rating for the company. Finally, Citigroup raised their target price on shares of Progress Software from $48.00 to $52.00 and gave the company a neutral rating in a research note on Wednesday, March 30th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Progress Software presently has an average rating of Buy and an average target price of $56.00.

In related news, EVP Jeremy Segal sold 1,281 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $47.14, for a total transaction of $60,386.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Several large investors have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Progress Software by 2.0% in the 4th quarter. California State Teachers Retirement System now owns 60,971 shares of the software maker’s stock worth $2,943,000 after buying an additional 1,213 shares in the last quarter. State of Tennessee Treasury Department lifted its holdings in shares of Progress Software by 4.7% in the 4th quarter. State of Tennessee Treasury Department now owns 34,827 shares of the software maker’s stock worth $1,681,000 after acquiring an additional 1,552 shares during the last quarter. Legal & General Group Plc lifted its holdings in Progress Software by 3.0% during the 4th quarter. Legal & General Group Plc now owns 126,645 shares of the software maker’s stock valued at $6,113,000 after buying an additional 3,681 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Progress Software during the 3rd quarter valued at about $220,000. Finally, D. E. Shaw & Co. Inc. lifted its holdings in Progress Software by 4.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 124,651 shares of the software maker’s stock valued at $6,016,000 after buying an additional 5,509 shares in the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

About Progress Software (Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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