Analysts Set Progress Software Co. (NASDAQ:PRGS) Target Price at $63.14

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $63.14.

Several brokerages have recently weighed in on PRGS. DA Davidson reaffirmed a “buy” rating and issued a $65.00 target price on shares of Progress Software in a report on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. Guggenheim restated a “buy” rating and set a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday. Finally, Jefferies Financial Group lowered their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday.

Progress Software Trading Up 0.0 %

Shares of Progress Software stock opened at $54.26 on Thursday. Progress Software has a 1 year low of $48.00 and a 1 year high of $62.34. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a market capitalization of $2.35 billion, a P/E ratio of 33.09, a PEG ratio of 7.05 and a beta of 0.93. The company’s fifty day moving average is $50.61 and its two-hundred day moving average is $53.00.

Progress Software Dividend Announcement

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

Insider Activity at Progress Software

In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the transaction, 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 filing with the SEC, which can be accessed through this link. In other news, CFO Anthony Folger sold 3,767 shares of Progress Software 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 transaction, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sundar Subramanian sold 584 shares of Progress Software stock in a transaction that occurred on 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 in the company, 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 worth $2,841,941 in the last ninety days. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new position in shares of Progress Software in the fourth quarter worth approximately $28,000. Orion Capital Management LLC acquired a new stake in shares of Progress Software during the third quarter worth approximately $41,000. Blue Trust Inc. boosted its holdings in shares of Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares during the period. Principal Securities Inc. acquired a new stake in shares of Progress Software during the fourth quarter worth approximately $68,000. Finally, EntryPoint Capital LLC boosted its holdings in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares during the period.

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.