Progress Software (NASDAQ:PRGS) Shares Gap Down to $53.50

Shares of Progress Software Co. (NASDAQ:PRGSGet Rating) gapped down prior to trading on Wednesday . The stock had previously closed at $53.50, but opened at $51.85. Progress Software shares last traded at $51.87, with a volume of 4,269 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3rd. Citigroup decreased their price objective on shares of Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.75.

Progress Software Price Performance

The firm has a 50 day moving average price of $51.83 and a two-hundred day moving average price of $48.47. The company has a market cap of $2.21 billion, a P/E ratio of 26.36, a P/E/G ratio of 7.17 and a beta of 1.05. 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 (NASDAQ:PRGSGet Rating) last released its quarterly earnings data on Tuesday, January 17th. The software maker reported $1.12 EPS for the quarter, beating the consensus estimate of $1.09 by $0.03. The business had revenue of $159.17 million for the quarter, compared to the consensus estimate of $163.04 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. On average, analysts predict that Progress Software Co. will post 3.46 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st will be paid a $0.175 dividend. The ex-dividend date is Tuesday, February 28th. This represents a $0.70 dividend on an annualized basis and a yield of 1.36%. Progress Software’s dividend payout ratio is 35.90%.

Insider Buying and Selling at Progress Software

In other news, CAO Domenic Lococo sold 500 shares of Progress Software stock in a transaction on Friday, October 28th. The stock was sold at an average price of $50.94, for a total value of $25,470.00. Following the completion of the transaction, the chief accounting officer now directly owns 1,886 shares in the company, valued at $96,072.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Yogesh K. Gupta sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $53.66, for a total transaction of $536,600.00. Following the sale, the chief executive officer now owns 20,000 shares of the company’s stock, valued at approximately $1,073,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Domenic Lococo sold 500 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following the transaction, the chief accounting officer now owns 1,886 shares of the company’s stock, valued at $96,072.84. The disclosure for this sale can be found here. Insiders have sold 37,340 shares of company stock valued at $1,948,754 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in PRGS. Martingale Asset Management L P grew its holdings in shares of Progress Software by 0.6% during the third quarter. Martingale Asset Management L P now owns 40,193 shares of the software maker’s stock worth $1,711,000 after purchasing an additional 250 shares in the last quarter. Yousif Capital Management LLC grew its stake in Progress Software by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock worth $1,895,000 after buying an additional 250 shares in the last quarter. Van Hulzen Asset Management LLC increased its holdings in shares of Progress Software by 3.2% in the 3rd quarter. Van Hulzen Asset Management LLC now owns 8,650 shares of the software maker’s stock worth $368,000 after buying an additional 267 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Progress Software by 3.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,372 shares of the software maker’s stock valued at $470,000 after buying an additional 310 shares in the last quarter. Finally, Brinker Capital Investments LLC lifted its holdings in shares of Progress Software by 4.8% during the 1st quarter. Brinker Capital Investments LLC now owns 7,062 shares of the software maker’s stock worth $333,000 after acquiring an additional 325 shares during the last quarter.

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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