Progress Software logoProgress Software Co. (NASDAQ:PRGS – Get Rating) has received a consensus rating of “Buy” from the six brokerages that are covering the company, MarketBeat reports. One equity research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $52.75.

A number of research firms have commented on PRGS. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 3rd. Guggenheim restated a “buy” rating and issued a $60.00 price target on shares of Progress Software in a report on Tuesday, January 24th.

Insider Activity

In related news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $49.43, for a total value of $247,150.00. Following the completion of the sale, the chief executive officer now directly owns 30,000 shares in the company, valued at approximately $1,482,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed via the SEC website. In related news, CFO Anthony Folger sold 11,863 shares of Progress Software stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $52.35, for a total value of $621,028.05. Following the completion of the sale, the chief financial officer now directly owns 4,603 shares in the company, valued at approximately $240,967.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed via the SEC website. Also, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $49.43, for a total transaction of $247,150.00. Following the sale, the chief executive officer now owns 30,000 shares of the company’s stock, valued at $1,482,900. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,543 shares of company stock worth $2,487,492. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Progress Software

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Institutional investors and hedge funds have recently bought and sold shares of the business. Ronald Blue Trust Inc. lifted its stake in Progress Software by 123.2% during the 4th quarter. Ronald Blue Trust Inc. now owns 953 shares of the software maker’s stock valued at $41,000 after acquiring an additional 526 shares during the period. TFO TDC LLC acquired a new stake in Progress Software during the 4th quarter valued at approximately $48,000. Federated Hermes Inc. lifted its stake in Progress Software by 46.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after acquiring an additional 371 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Progress Software during the 3rd quarter valued at approximately $87,000. Finally, Counterpoint Mutual Funds LLC acquired a new stake in Progress Software during the 4th quarter valued at approximately $123,000.

Trading Software Progress Up 0.8 %

PRGS stock opened at $57.54 on Tuesday. The company has a market capitalization of $2.49 billion, a PE ratio of 26.64, a P/E/G ratio of 8.30 and a beta of 1.01. Progress Software has a 12 month low of $40.33 and a 12 month high of $58.48. The firm’s 50-day moving average is $53.79 and its 200 day moving average is $50.39. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.34 and a quick ratio of 1.34.

Progress Software (NASDAQ:PRGS – Get Rating) last posted its earnings results on Tuesday, January 17th. The software maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The business had revenue of $159.17 million for the quarter, compared to analysts’ expectations of $163.04 million. Progress Software had a net margin of 15.79% and a return on equity of 41.04%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the business posted $0.92 EPS. On average, research analysts anticipate that Progress Software will post 3.44 EPS for the current year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Tuesday, February 28th. Progress Software’s dividend payout ratio is currently 32.41%.

Progress Software Company Profile

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Progress Software Corp. engages in the provision of products that develop and deploy mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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