Progress Software Co. (NASDAQ:PRGS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $64.40.

A number of equities research analysts have issued reports on PRGS shares. StockNews.com started coverage on Progress Software in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Citigroup increased their price target on Progress Software from $57.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, August 8th. Wedbush reissued an “outperform” rating and set a $65.00 target price on shares of Progress Software in a research report on Tuesday. Finally, Oppenheimer raised their target price on Progress Software from $63.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, June 30th.

Progress Software Trading Down 0.1 %

Progress Software stock traded down $0.06 during midday trading on Tuesday, reaching $56.93. 4,962 shares of the stock traded hands, compared to its average volume of 332,818. The company has a 50-day simple moving average of $59.36 and a two-hundred day simple moving average of $57.86. Progress Software has a 12-month low of $40.33 and a 12-month high of $62.34. The firm has a market cap of $2.47 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 8.15 and a beta of 0.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.85.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Thursday, June 29th. The software maker reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.16. The company had revenue of $179.23 million for the quarter, compared to analyst estimates of $169.78 million. Progress Software had a return on equity of 40.44% and a net margin of 12.49%. Progress Software’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. Research analysts expect that Progress Software will post 3.48 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.23%. Progress Software’s dividend payout ratio is presently 38.04%.

Insider Buying and Selling

In related news, insider Kathryn Kulikoski sold 3,265 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $61.06, for a total transaction of $199,360.90. Following the transaction, the insider now owns 2,073 shares in the company, valued at approximately $126,577.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Progress Software news, CFO Anthony Folger sold 10,000 shares of Progress Software stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $58.99, for a total value of $589,900.00. Following the transaction, the chief financial officer now directly owns 20,098 shares in the company, valued at approximately $1,185,581.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kathryn Kulikoski sold 3,265 shares of Progress Software stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $61.06, for a total value of $199,360.90. Following the completion of the transaction, the insider now owns 2,073 shares in the company, valued at $126,577.38. The disclosure for this sale can be found here. Insiders have sold 19,161 shares of company stock worth $1,134,633 in the last quarter. 3.40% of the stock is owned by insiders.

Institutional Trading of Progress Software

A number of institutional investors have recently modified their holdings of PRGS. Raymond James & Associates boosted its stake in shares of Progress Software by 23.6% in the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock valued at $2,361,000 after buying an additional 9,590 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Progress Software by 19.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock worth $322,000 after acquiring an additional 1,108 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Progress Software by 57.1% in the first quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after acquiring an additional 8,470 shares during the last quarter. Rhumbline Advisers increased its stake in Progress Software by 7.3% in the first quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after purchasing an additional 7,594 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Progress Software by 14.9% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 4,951 shares during the last quarter.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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.