Progress Software Corp (NASDAQ:PRGS) Receives $53.00 Consensus Price Target from Analysts

Progress Software Corp (NASDAQ:PRGS) has received a consensus recommendation of “Buy” from the seven analysts that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $51.67.

Several brokerages recently weighed in on PRGS. Benchmark reiterated a “buy” rating on shares of Progress Software in a research report on Monday. Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, March 19th. BidaskClub cut Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, ValuEngine upgraded Progress Software from a “sell” rating to a “hold” rating in a research report on Friday, March 13th.

In related news, Director Charles Francis Kane sold 7,500 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $44.91, for a total value of $336,825.00. Following the sale, the director now owns 78,243 shares in the company, valued at approximately $3,513,893.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul A. Jalbert sold 708 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $48.00, for a total value of $33,984.00. Following the completion of the sale, the chief financial officer now owns 34,896 shares in the company, valued at approximately $1,675,008. The disclosure for this sale can be found here. Insiders sold 20,417 shares of company stock worth $936,696 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace North America L.P. acquired a new position in shares of Progress Software during the 1st quarter worth about $28,000. First Trust Advisors LP boosted its holdings in Progress Software by 861.2% in the first quarter. First Trust Advisors LP now owns 119,222 shares of the software maker’s stock valued at $5,290,000 after acquiring an additional 106,818 shares during the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in Progress Software in the first quarter valued at $164,000. Tower Research Capital LLC TRC raised its position in Progress Software by 2,255.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,768 shares of the software maker’s stock valued at $143,000 after purchasing an additional 3,608 shares during the period. Finally, Stifel Financial Corp raised its position in Progress Software by 6.8% in the third quarter. Stifel Financial Corp now owns 68,965 shares of the software maker’s stock valued at $2,625,000 after purchasing an additional 4,377 shares during the period. Institutional investors own 94.83% of the company’s stock.

Shares of NASDAQ:PRGS traded up $1.76 during mid-day trading on Monday, reaching $35.00. 109,082 shares of the company traded hands, compared to its average volume of 573,079. The company’s 50 day moving average price is $38.13 and its 200-day moving average price is $40.72. The firm has a market cap of $1.47 billion, a PE ratio of 60.35 and a beta of 0.89. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.18 and a quick ratio of 1.18. Progress Software has a 52 week low of $28.09 and a 52 week high of $52.50.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Thursday, January 16th. The software maker reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.04. The company had revenue of $123.42 million during the quarter, compared to the consensus estimate of $118.30 million. Progress Software had a return on equity of 32.03% and a net margin of 6.39%. The firm’s revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 EPS. On average, research analysts predict that Progress Software will post 2.48 earnings per share for the current fiscal year.

Progress Software announced that its board has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the software maker to buy up to 11.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a $0.165 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.66 dividend on an annualized basis and a yield of 1.89%. Progress Software’s dividend payout ratio is currently 28.82%.

Progress Software Company Profile

Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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