Progress Software Corp (NASDAQ:PRGS) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 753,600 shares, a decrease of 20.0% from the January 15th total of 942,300 shares. Currently, 1.7% of the shares of the stock are short sold. Based on an average trading volume of 300,500 shares, the short-interest ratio is presently 2.5 days.

Shares of PRGS stock traded down $0.42 during mid-day trading on Friday, hitting $45.04. The company’s stock had a trading volume of 246,869 shares, compared to its average volume of 408,272. The company’s fifty day simple moving average is $44.84 and its 200-day simple moving average is $41.31. Progress Software has a 52 week low of $35.68 and a 52 week high of $52.50. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $2.04 billion, a PE ratio of 77.66 and a beta of 0.79.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Thursday, January 16th. The software maker reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.04. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The firm had revenue of $123.42 million during the quarter, compared to analyst estimates of $118.30 million. During the same period last year, the company posted $0.76 EPS. The business’s quarterly revenue was up 25.6% on a year-over-year basis. On average, equities analysts anticipate that Progress Software will post 2.48 earnings per share for the current year.

Progress Software declared that its board has authorized a stock buyback program on Thursday, January 16th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the software maker to purchase up to 11.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Friday, February 28th. Progress Software’s dividend payout ratio (DPR) is presently 28.82%.

PRGS has been the subject of a number of research reports. BidaskClub upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 16th. Benchmark reiterated a “buy” rating and issued a $57.00 price target (up from $49.00) on shares of Progress Software in a research note on Friday, January 17th. Sidoti initiated coverage on Progress Software in a research note on Tuesday, October 22nd. They issued a “buy” rating and a $53.00 price target for the company. ValuEngine cut Progress Software from a “hold” rating to a “sell” rating in a research note on Saturday, January 18th. Finally, Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $53.00.

In other news, CFO Paul A. Jalbert sold 708 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $48.00, for a total value of $33,984.00. Following the completion of the transaction, the chief financial officer now directly owns 34,896 shares in the company, valued at approximately $1,675,008. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles Francis Kane sold 7,500 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $44.91, for a total value of $336,825.00. Following the completion of the transaction, the director now owns 78,243 shares of the company’s stock, valued at $3,513,893.13. The disclosure for this sale can be found here. Insiders sold a total of 20,417 shares of company stock valued at $936,696 over the last quarter. 1.70% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in Progress Software in the 4th quarter worth approximately $33,000. Schonfeld Strategic Advisors LLC bought a new stake in Progress Software during the 4th quarter valued at $599,000. Bank of America Corp DE raised its holdings in Progress Software by 16.0% during the 4th quarter. Bank of America Corp DE now owns 362,276 shares of the software maker’s stock valued at $15,052,000 after acquiring an additional 49,957 shares during the period. UBS Asset Management Americas Inc. raised its holdings in Progress Software by 6.9% during the 4th quarter. UBS Asset Management Americas Inc. now owns 45,210 shares of the software maker’s stock valued at $1,878,000 after acquiring an additional 2,904 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Progress Software by 36.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 365,938 shares of the software maker’s stock valued at $15,204,000 after acquiring an additional 98,365 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Progress Software

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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