Progress Software Corp (NASDAQ:PRGS) has received an average recommendation of “Hold” from the seven analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $40.00.
Several analysts recently weighed in on PRGS shares. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research report on Thursday, October 4th. National Securities started coverage on shares of Progress Software in a research report on Monday, July 16th. They issued a “buy” rating and a $50.00 price objective on the stock. Benchmark upgraded shares of Progress Software from a “sell” rating to a “hold” rating and set a $29.00 price objective on the stock in a research report on Thursday, June 28th. BidaskClub downgraded shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Saturday, June 23rd. Finally, ValuEngine downgraded shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, September 28th.
NASDAQ:PRGS traded up $0.01 during mid-day trading on Wednesday, hitting $32.54. The stock had a trading volume of 389,422 shares, compared to its average volume of 451,238. The company has a market cap of $1.59 billion, a PE ratio of 18.92 and a beta of 0.81. Progress Software has a 52 week low of $32.18 and a 52 week high of $53.60. The company has a quick ratio of 1.03, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The firm had revenue of $95.79 million for the quarter, compared to the consensus estimate of $96.98 million. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. Progress Software’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. As a group, equities analysts anticipate that Progress Software will post 2.14 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a $0.155 dividend. The ex-dividend date is Friday, November 30th. This is an increase from Progress Software’s previous quarterly dividend of $0.14. This represents a $0.62 annualized dividend and a yield of 1.91%. Progress Software’s dividend payout ratio (DPR) is currently 32.56%.
In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the sale, the insider now directly owns 43,431 shares in the company, valued at approximately $1,520,085. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in PRGS. Envestnet Asset Management Inc. raised its position in shares of Progress Software by 1,425.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,843 shares of the software maker’s stock worth $147,000 after buying an additional 3,591 shares in the last quarter. BlackRock Inc. raised its position in shares of Progress Software by 1.4% during the 1st quarter. BlackRock Inc. now owns 6,271,150 shares of the software maker’s stock worth $241,125,000 after buying an additional 84,047 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Progress Software by 3.1% during the 1st quarter. California Public Employees Retirement System now owns 56,273 shares of the software maker’s stock worth $2,164,000 after buying an additional 1,671 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Progress Software by 36.5% during the 1st quarter. Russell Investments Group Ltd. now owns 413,317 shares of the software maker’s stock worth $15,884,000 after buying an additional 110,490 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Progress Software by 55.0% during the 1st quarter. Sei Investments Co. now owns 31,737 shares of the software maker’s stock worth $1,220,000 after buying an additional 11,257 shares in the last quarter. Institutional investors own 91.98% of the company’s stock.
Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
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