Progress 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
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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