Progress Software Co. (NASDAQ:PRGS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $64.60.

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

Progress Software Trading Down 0.3 %

NASDAQ:PRGS opened at $50.59 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a 50-day simple moving average of $53.34 and a 200-day simple moving average of $53.72. Progress Software has a one year low of $49.00 and a one year high of $62.34. The firm has a market cap of $2.22 billion, a P/E ratio of 32.85, a P/E/G ratio of 6.51 and a beta of 0.94.

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, beating analysts’ consensus estimates 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 the consensus estimate of $181.91 million. During the same quarter last year, the company earned $1.01 earnings per share. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. Equities analysts anticipate that Progress Software will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The firm also recently disclosed 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. This represents a $0.70 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s payout ratio is currently 45.45%.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,500 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $57.31, for a total value of $429,825.00. Following the completion of the sale, the chief financial officer now owns 23,865 shares in the company, valued at approximately $1,367,703.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, insider Ian Pitt sold 3,168 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $57.40, for a total value of $181,843.20. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $181,785.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $57.31, for a total transaction of $429,825.00. Following the completion of the transaction, the chief financial officer now owns 23,865 shares in the company, valued at $1,367,703.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,745 shares of company stock valued at $5,376,231. 3.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRGS. BTC Capital Management Inc. acquired a new stake in Progress Software during the 1st quarter worth $445,000. Vanguard Group Inc. boosted its holdings in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of 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 acquiring an additional 2,243 shares during the period. Voloridge Investment Management LLC purchased a new position in Progress Software during the fourth quarter worth about $515,000. Finally, Nuveen Asset Management LLC boosted its holdings in Progress Software by 0.6% in the 4th quarter. Nuveen Asset Management LLC now owns 217,415 shares of the software maker’s stock valued at $11,806,000 after purchasing an additional 1,274 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.