Progress Software’s (PRGS) Outperform Rating Reaffirmed at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $66.00 price objective on the software maker’s stock.

Separately, Wedbush upped their price target on Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Progress Software has an average rating of Moderate Buy and a consensus target price of $64.40.

Progress Software Trading Down 0.0 %

NASDAQ:PRGS opened at $52.63 on Wednesday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $2.31 billion, a P/E ratio of 33.74, a P/E/G ratio of 6.95 and a beta of 0.95. Progress Software has a one year low of $49.02 and a one year high of $62.34. The firm has a 50-day simple moving average of $55.29 and a 200-day simple moving average of $54.21.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 10.11% and a return on equity of 37.42%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Equities analysts anticipate that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.70 dividend on an annualized basis and a yield of 1.33%. Progress Software’s dividend payout ratio is currently 44.87%.

Insider Buying and Selling at Progress Software

In other news, CEO Yogesh K. Gupta sold 40,174 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.95, for a total value of $2,287,909.30. Following the completion of the transaction, the chief executive officer now directly owns 186,558 shares in the company, valued at $10,624,478.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Progress Software news, CAO Domenic Lococo sold 4,503 shares of Progress Software stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $57.00, for a total transaction of $256,671.00. Following the completion of the transaction, the chief accounting officer now owns 2,900 shares in the company, valued at approximately $165,300. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $56.95, for a total value of $2,287,909.30. Following the completion of the transaction, the chief executive officer now directly owns 186,558 shares of the company’s stock, valued at approximately $10,624,478.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRGS. Vanguard Group Inc. grew its stake in shares of Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Progress Software by 9.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,296 shares of the software maker’s stock worth $1,483,000 after buying an additional 2,243 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Progress Software during the fourth quarter valued at $515,000. Nuveen Asset Management LLC increased its holdings in Progress Software by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 217,415 shares of the software maker’s stock valued at $11,806,000 after buying an additional 1,274 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Progress Software by 68.7% in the fourth quarter. Public Sector Pension Investment Board now owns 90,407 shares of the software maker’s stock worth $4,909,000 after acquiring an additional 36,807 shares during the period.

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.