Progress Software Co. (NASDAQ:PRGS) Receives $63.50 Average PT from Analysts

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $63.50.

PRGS has been the topic of several recent analyst reports. Guggenheim reissued a “buy” rating and issued a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. DA Davidson reissued a “buy” rating and issued a $65.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Oppenheimer reissued an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Jefferies Financial Group dropped their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction dated Monday, June 3rd. The shares were 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 $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Anthony Folger sold 3,767 shares of the stock in a transaction dated Monday, June 3rd. The shares were 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 $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 584 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,530 shares of company stock worth $955,238. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. Allspring Global Investments Holdings LLC lifted its position in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after purchasing an additional 312,537 shares during the period. Norges Bank acquired a new stake in Progress Software in the fourth quarter valued at about $15,701,000. Swedbank AB lifted its position in Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after purchasing an additional 280,195 shares during the period. Marshall Wace LLP lifted its position in Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after purchasing an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp lifted its position in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares during the period.

Progress Software Stock Down 0.1 %

Shares of NASDAQ PRGS opened at $56.66 on Friday. The stock has a market cap of $2.42 billion, a P/E ratio of 34.55, a PEG ratio of 7.18 and a beta of 0.93. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. Progress Software has a 12-month low of $48.00 and a 12-month high of $62.34. The business’s fifty day simple moving average is $54.28 and its 200-day simple moving average is $53.11.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. As a group, equities analysts predict that Progress Software will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be paid a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.24%. Progress Software’s dividend payout ratio (DPR) is 42.68%.

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.