Progress Software Co. (NASDAQ:PRGS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Progress Software Co. (NASDAQ:PRGSGet Rating) has been assigned an average rating of “Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $52.75.

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 3rd. Citigroup dropped their price objective on shares of Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. Jefferies Financial Group assumed coverage on shares of Progress Software in a report on Friday, September 9th. They set a “hold” rating and a $52.00 price objective on the stock. Finally, Guggenheim assumed coverage on Progress Software in a research report on Friday, August 12th. They set a “buy” rating and a $60.00 price target on the stock.

Insiders Place Their Bets

In other news, EVP Jeremy Segal sold 1,258 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $43.82, for a total transaction of $55,125.56. Following the completion of the transaction, the executive vice president now directly owns 636 shares in the company, valued at $27,869.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Jeremy Segal sold 1,258 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $43.82, for a total transaction of $55,125.56. Following the completion of the transaction, the executive vice president now directly owns 636 shares in the company, valued at $27,869.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Domenic Lococo sold 2,396 shares of Progress Software stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $52.07, for a total value of $124,759.72. Following the completion of the sale, the chief accounting officer now owns 1,386 shares of the company’s stock, valued at $72,169.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,806 shares of company stock worth $1,130,790. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. D.A. Davidson & CO. increased its stake in Progress Software by 0.7% in the 1st quarter. D.A. Davidson & CO. now owns 33,996 shares of the software maker’s stock worth $1,601,000 after acquiring an additional 231 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Progress Software by 0.6% during the 3rd quarter. Martingale Asset Management L P now owns 40,193 shares of the software maker’s stock valued at $1,711,000 after purchasing an additional 250 shares during the last quarter. Yousif Capital Management LLC increased its position in shares of Progress Software by 0.6% during 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 last quarter. Prudent Man Advisors LLC boosted its holdings in Progress Software by 5.5% during the 1st quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock valued at $226,000 after acquiring an additional 252 shares during the period. Finally, Van Hulzen Asset Management LLC boosted its holdings in Progress Software by 3.2% during the 3rd quarter. Van Hulzen Asset Management LLC now owns 8,650 shares of the software maker’s stock valued at $368,000 after acquiring an additional 267 shares during the period. 98.90% of the stock is owned by hedge funds and other institutional investors.

Progress Software Stock Down 0.1 %

Progress Software stock opened at $51.60 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.30 and a current ratio of 1.30. Progress Software has a 52-week low of $40.33 and a 52-week high of $52.93. The firm has a 50 day moving average price of $46.92 and a two-hundred day moving average price of $47.22. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 7.46 and a beta of 1.05.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings data on Tuesday, September 27th. The software maker reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.03. The company had revenue of $153.06 million during the quarter, compared to analyst estimates of $148.10 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. Progress Software’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS. Equities analysts predict that Progress Software will post 3.46 EPS for the current year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a $0.175 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.36%. Progress Software’s dividend payout ratio (DPR) is 35.90%.

Progress Software Company Profile

(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.

Further Reading

Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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