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

Progress Software Co. (NASDAQ:PRGS) has earned an average rating of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $64.60.

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

Progress Software Price Performance

Shares of Progress Software stock opened at $51.34 on Wednesday. The firm has a market capitalization 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. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software has a 12 month low of $49.00 and a 12 month high of $62.34. The business’s 50-day moving average price is $51.91 and its 200-day moving average price is $53.56.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. Sell-side analysts forecast that Progress Software will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.175 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.70 annualized dividend and a dividend yield of 1.36%. Progress Software’s dividend payout ratio (DPR) is presently 45.45%.

Insider Buying and Selling

In other Progress Software news, Director David Krall sold 20,000 shares of the business’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the transaction, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, Director David Krall sold 20,000 shares of Progress Software stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the sale, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Sundar Subramanian sold 2,475 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $57.38, for a total value of $142,015.50. Following the transaction, the executive vice president now owns 21,198 shares in the company, valued at approximately $1,216,341.24. The disclosure for this sale can be found here. Insiders sold 29,637 shares of company stock valued at $1,535,535 over the last quarter. 3.30% of the stock is owned by company insiders.

Institutional Trading of Progress Software

A number of hedge funds have recently modified their holdings of PRGS. GAMMA Investing LLC purchased a new position in Progress Software during the 4th quarter valued at about $28,000. Headlands Technologies LLC purchased a new position in shares of Progress Software during the third quarter valued at approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Progress Software in the 3rd quarter worth approximately $41,000. Clear Street Markets LLC purchased a new stake in shares of Progress Software in the 3rd quarter worth approximately $50,000. Finally, Blue Trust Inc. increased its position in Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after buying an additional 239 shares in the last quarter.

About Progress Software

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.