Progress Software (NASDAQ:PRGS) Downgraded to “Buy” at StockNews.com

StockNews.com downgraded shares of Progress Software (NASDAQ:PRGSGet Rating) from a strong-buy rating to a buy rating in a report released on Friday morning.

A number of other research analysts also recently issued reports on the stock. Wedbush reaffirmed an outperform rating on shares of Progress Software in a research report on Wednesday, June 29th. Guggenheim began coverage on shares of Progress Software in a research report on Friday, August 12th. They issued a buy rating and a $60.00 price objective on the stock. Oppenheimer cut their price objective on shares of Progress Software from $60.00 to $53.00 and set an outperform rating on the stock in a research report on Wednesday, June 29th. Finally, Jefferies Financial Group began coverage on shares of Progress Software in a research report on Friday. They issued a hold rating and a $52.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of Moderate Buy and a consensus target price of $55.40.

Progress Software Stock Performance

Shares of NASDAQ:PRGS opened at $47.15 on Friday. Progress Software has a 52 week low of $41.68 and a 52 week high of $53.99. The stock has a market capitalization of $2.05 billion, a P/E ratio of 21.93, a PEG ratio of 6.74 and a beta of 1.00. The firm has a fifty day simple moving average of $47.08 and a two-hundred day simple moving average of $46.79. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.65.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings results on Tuesday, June 28th. The software maker reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The firm had revenue of $148.70 million during the quarter, compared to analysts’ expectations of $146.45 million. During the same period in the previous year, the company earned $0.67 EPS. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts expect that Progress Software will post 3.47 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Wednesday, August 31st. Progress Software’s dividend payout ratio is presently 32.56%.

Insiders Place Their Bets

In other Progress Software news, CEO Yogesh K. Gupta sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $49.53, for a total transaction of $247,650.00. Following the sale, the chief executive officer now owns 70,000 shares of the company’s stock, valued at approximately $3,467,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $49.53, for a total value of $247,650.00. Following the sale, the chief executive officer now directly owns 70,000 shares of the company’s stock, valued at approximately $3,467,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jennifer Ortiz sold 1,254 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $50.14, for a total transaction of $62,875.56. Following the completion of the sale, the executive vice president now directly owns 4,984 shares in the company, valued at $249,897.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,254 shares of company stock valued at $779,826. Insiders own 3.20% of the company’s stock.

Institutional Trading of Progress Software

Several large investors have recently made changes to their positions in the business. D.A. Davidson & CO. boosted its holdings in shares of Progress Software by 0.7% in the 1st quarter. D.A. Davidson & CO. now owns 33,996 shares of the software maker’s stock valued at $1,601,000 after acquiring an additional 231 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Progress Software by 20.6% in the 4th quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker’s stock valued at $68,000 after purchasing an additional 241 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Progress Software by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock valued at $1,895,000 after purchasing an additional 250 shares during the period. Prudent Man Advisors LLC lifted its stake in shares of Progress Software by 5.5% in the 1st quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock valued at $226,000 after purchasing an additional 252 shares during the period. Finally, Maryland State Retirement & Pension System lifted its stake in shares of Progress Software by 1.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 17,734 shares of the software maker’s stock valued at $835,000 after purchasing an additional 255 shares during the period. 98.90% of the stock is owned by hedge funds and other institutional investors.

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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