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

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $64.60.

PRGS has been the topic of several recent research reports. DA Davidson started coverage on Progress Software in a report on Thursday, March 28th. They set a “buy” rating and a $65.00 price target on the stock. Oppenheimer reissued an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. JPMorgan Chase & Co. dropped their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, Wedbush boosted their target price on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd.

Progress Software Stock Performance

Progress Software stock opened at $51.34 on Wednesday. The company’s 50-day moving average price is $51.91 and its 200-day moving average price is $53.56. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. The company has a market cap of $2.22 billion, a PE ratio of 33.34, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. Progress Software has a twelve month low of $49.00 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. During the same period in the previous year, the firm posted $1.01 earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, equities research analysts forecast that Progress Software will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a $0.175 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 dividend on an annualized basis and a yield of 1.36%. Progress Software’s dividend payout ratio is currently 45.45%.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now owns 17,195 shares in the company, valued at $857,858.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares in the company, valued at approximately $857,858.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,637 shares of company stock valued at $1,535,535. 3.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently modified their holdings of the business. Raymond James & Associates lifted its holdings in Progress Software by 1.9% during the third quarter. Raymond James & Associates now owns 54,613 shares of the software maker’s stock worth $2,872,000 after buying an additional 1,024 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Progress Software by 13.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,292 shares of the software maker’s stock worth $699,000 after purchasing an additional 1,616 shares during the last quarter. Mackenzie Financial Corp bought a new stake in Progress Software during the third quarter valued at about $675,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Progress Software by 14.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,279 shares of the software maker’s stock valued at $1,119,000 after purchasing an additional 2,621 shares during the last quarter. Finally, Inspire Investing LLC raised its holdings in Progress Software by 6.5% in the third quarter. Inspire Investing LLC now owns 6,622 shares of the software maker’s stock worth $348,000 after purchasing an additional 404 shares in the last quarter.

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.