Progress Software (NASDAQ:PRGS) PT Lowered to $55.00 at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price objective lowered by Jefferies Financial Group from $60.00 to $55.00 in a research report released on Wednesday, Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

A number of other research analysts also recently weighed in on PRGS. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. Guggenheim reaffirmed a buy rating and issued a $64.00 price objective on shares of Progress Software in a research report on Tuesday. JPMorgan Chase & Co. cut their price objective on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. Oppenheimer reaffirmed an outperform rating and issued a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. Finally, DA Davidson assumed coverage on Progress Software in a research report on Thursday, March 28th. They issued a buy rating and a $65.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $63.14.

Progress Software Stock Up 0.0 %

PRGS stock opened at $54.26 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The business has a 50 day moving average price of $50.61 and a two-hundred day moving average price of $53.00. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 33.09, a P/E/G ratio of 7.14 and a beta of 0.93. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company earned $1.01 earnings per share. Analysts anticipate that Progress Software will post 3.85 EPS for the current fiscal year.

Progress Software Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.29%. Progress Software’s dividend payout ratio is presently 42.68%.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Krall sold 20,000 shares of Progress Software stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The disclosure for this sale can be found here. Insiders sold 55,761 shares of company stock valued at $2,841,941 in the last three months. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Progress Software by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after purchasing an additional 95,594 shares during the last quarter. Boston Trust Walden Corp increased its stake in shares of Progress Software by 2.0% in the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after purchasing an additional 33,289 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Progress Software by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after purchasing an additional 23,097 shares during the last quarter. Principal Financial Group Inc. grew its position in Progress Software by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after acquiring an additional 6,166 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Progress Software by 79.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter.

About Progress Software

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.