Brokerages Set Progress Software Co. (NASDAQ:PRGS) PT at $64.60

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned an average rating of “Moderate Buy” from the five ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $64.60.

A number of equities research analysts have recently weighed in on the stock. DA Davidson assumed coverage on shares of Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company. Wedbush upped their price target 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. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price target on shares of 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 reiterated an “outperform” rating and set a $66.00 price target on shares of Progress Software in a report on Wednesday, March 27th.

Progress Software Trading Up 0.4 %

PRGS stock opened at $50.41 on Friday. The company has a market capitalization of $2.21 billion, a PE ratio of 32.73, a price-to-earnings-growth ratio of 6.58 and a beta of 0.94. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software has a one year low of $49.00 and a one year high of $62.34. The company’s 50 day moving average price is $53.06 and its two-hundred day moving average price is $53.68.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 EPS. As a group, analysts predict that Progress Software will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 2,475 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $57.38, for a total transaction of $142,015.50. Following the sale, the executive vice president now directly owns 21,198 shares of the company’s stock, valued at approximately $1,216,341.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director David Krall sold 20,000 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the sale, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sundar Subramanian sold 2,475 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $57.38, for a total transaction of $142,015.50. Following the sale, the executive vice president now directly owns 21,198 shares in the company, valued at approximately $1,216,341.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,745 shares of company stock valued at $5,376,231. 3.40% of the stock is owned by insiders.

Institutional Trading of Progress Software

A number of institutional investors have recently made changes to their positions in PRGS. GAMMA Investing LLC purchased a new stake in shares of Progress Software during the 4th quarter valued at about $28,000. Headlands Technologies LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $40,000. Orion Capital Management LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $41,000. Federated Hermes Inc. boosted its holdings in shares of 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 last quarter. Finally, Clear Street Markets LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $50,000.

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.