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

Shares of Progress Software Co. (NASDAQ:PRGS) have received a consensus rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $63.29.

Several brokerages have recently issued reports on PRGS. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Wedbush increased their price target on Progress Software from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Finally, Guggenheim restated a “buy” rating and set a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 3,767 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the sale, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at $1,895,871. The disclosure for this sale can be found here. In the last three months, insiders sold 49,224 shares of company stock valued at $2,569,513. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. GAMMA Investing LLC acquired a new stake in Progress Software in the fourth quarter valued at approximately $28,000. Blue Trust Inc. lifted its stake in shares of Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. bought a new stake in Progress Software in the fourth quarter worth $68,000. EntryPoint Capital LLC increased its position in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares during the last quarter. Finally, TFO Wealth Partners LLC raised its holdings in Progress Software by 225,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after buying an additional 2,251 shares in the last quarter.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $57.89 on Monday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The firm has a market capitalization of $2.48 billion, a PE ratio of 35.30, a P/E/G ratio of 7.44 and a beta of 0.93. Progress Software has a 1-year low of $48.00 and a 1-year high of $62.34. The business’s fifty day moving average price is $52.40 and its two-hundred day moving average price is $53.15.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. On average, research analysts expect that Progress Software will post 3.91 EPS for the current year.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

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.