Progress Software (NASDAQ:PRGS) Earns Buy Rating from Analysts at Guggenheim

Guggenheim began coverage on shares of Progress Software (NASDAQ:PRGSGet Rating) in a research report sent to investors on Friday, Marketbeat reports. The brokerage issued a buy rating and a $60.00 price objective on the software maker’s stock.

Several other research analysts have also weighed in on the company. Wedbush reaffirmed an outperform rating on shares of Progress Software in a research report on Wednesday, June 29th. Oppenheimer lowered their price target on Progress Software from $60.00 to $53.00 and set an outperform rating on the stock in a research report on Wednesday, June 29th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $56.25.

Progress Software Stock Up 1.3 %

Shares of Progress Software stock opened at $50.21 on Friday. The business’s 50 day simple moving average is $46.84 and its 200 day simple moving average is $46.35. Progress Software has a 52-week low of $41.68 and a 52-week high of $53.99. The firm has a market cap of $2.18 billion, a PE ratio of 23.35, a P/E/G ratio of 7.15 and a beta of 1.02. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.25 and a current ratio of 1.25.

Progress Software (NASDAQ:PRGSGet Rating) last posted its quarterly earnings results on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.07. The firm had revenue of $148.70 million for the quarter, compared to analyst estimates of $146.45 million. Progress Software had a return on equity of 41.13% and a net margin of 16.42%. The business’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 EPS. On average, analysts predict that Progress Software will post 3.47 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Wednesday, August 31st. Progress Software’s payout ratio is presently 32.56%.

Insider Buying and Selling

In related news, CEO Yogesh K. Gupta sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $47.28, for a total value of $236,400.00. Following the completion of the sale, the chief executive officer now directly owns 80,000 shares in the company, valued at approximately $3,782,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is owned by insiders.

Institutional Trading of Progress Software

Institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its stake in Progress Software by 14.4% in the 4th quarter. GSA Capital Partners LLP now owns 8,674 shares of the software maker’s stock valued at $419,000 after purchasing an additional 1,089 shares during the period. Panagora Asset Management Inc. bought a new stake in Progress Software during the fourth quarter worth about $663,000. Systematic Financial Management LP increased its holdings in Progress Software by 16.9% in the 4th quarter. Systematic Financial Management LP now owns 344,829 shares of the software maker’s stock valued at $16,645,000 after buying an additional 49,865 shares during the period. Ceredex Value Advisors LLC bought a new position in Progress Software in the 1st quarter valued at about $6,828,000. Finally, New York State Common Retirement Fund increased its holdings in Progress Software by 43.0% in the 1st quarter. New York State Common Retirement Fund now owns 45,397 shares of the software maker’s stock valued at $2,138,000 after buying an additional 13,641 shares during the period. 99.46% of the stock is currently owned by institutional investors.

About Progress Software

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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