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

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $64.60.

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

Insiders Place Their Bets

In other Progress Software news, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.41, for a total transaction of $430,575.00. Following the completion of the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at $2,126,810.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,745 shares of company stock worth $5,376,231. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in shares of Progress Software during the fourth quarter worth about $28,000. Headlands Technologies LLC purchased a new stake in shares of Progress Software during the third quarter worth about $40,000. Orion Capital Management LLC purchased a new stake in shares of Progress Software during the third quarter worth about $41,000. Federated Hermes Inc. grew its stake in shares of Progress Software by 46.7% during the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after acquiring an additional 371 shares during the last quarter. Finally, Clear Street Markets LLC purchased a new stake in shares of Progress Software during the third quarter worth about $50,000.

Progress Software Stock Up 0.4 %

NASDAQ:PRGS opened at $50.41 on Friday. Progress Software has a twelve month low of $49.00 and a twelve month high of $62.34. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 6.58 and a beta of 0.94. The stock has a fifty day simple moving average of $53.06 and a 200-day simple moving average of $53.68. 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 (NASDAQ:PRGS) last released its earnings results 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 business had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period last year, the company earned $1.01 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Analysts anticipate that Progress Software will post 3.85 EPS for the current year.

Progress Software Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a $0.175 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.39%. Progress Software’s dividend payout ratio is presently 45.45%.

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.