Progress Software Corp (NASDAQ:PRGS) has been assigned a consensus rating of “Hold” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $39.00.
A number of equities research analysts have issued reports on the company. Zacks Investment Research downgraded Progress Software from a “buy” rating to a “hold” rating in a research report on Thursday. BidaskClub upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 27th. Wedbush restated a “neutral” rating and set a $38.00 price objective on shares of Progress Software in a research report on Friday, November 16th. Finally, ValuEngine downgraded Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, September 28th.
In other news, insider Dimitre Taslakov sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $35.00, for a total transaction of $70,000.00. Following the transaction, the insider now owns 43,431 shares of the company’s stock, valued at $1,520,085. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio grew its stake in shares of Progress Software by 7.1% during the second quarter. Strs Ohio now owns 30,000 shares of the software maker’s stock valued at $1,164,000 after buying an additional 2,000 shares during the last quarter. Smith Asset Management Group LP grew its stake in Progress Software by 3.3% in the second quarter. Smith Asset Management Group LP now owns 63,673 shares of the software maker’s stock worth $2,472,000 after purchasing an additional 2,020 shares in the last quarter. BlueMountain Capital Management LLC grew its stake in Progress Software by 9.0% in the second quarter. BlueMountain Capital Management LLC now owns 24,588 shares of the software maker’s stock worth $955,000 after purchasing an additional 2,030 shares in the last quarter. Trexquant Investment LP grew its stake in Progress Software by 8.3% in the second quarter. Trexquant Investment LP now owns 38,870 shares of the software maker’s stock worth $1,509,000 after purchasing an additional 2,979 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Progress Software by 10.4% in the second quarter. Sei Investments Co. now owns 35,032 shares of the software maker’s stock worth $1,360,000 after purchasing an additional 3,295 shares in the last quarter. 94.60% of the stock is currently owned by hedge funds and other institutional investors.
PRGS stock traded up $0.20 during midday trading on Thursday, reaching $35.16. 537,028 shares of the company traded hands, compared to its average volume of 303,874. Progress Software has a 52-week low of $30.23 and a 52-week high of $53.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $1.58 billion, a PE ratio of 17.07 and a beta of 0.88.
Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a return on equity of 28.94% and a net margin of 15.30%. The business had revenue of $95.79 million for the quarter, compared to the consensus estimate of $96.98 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. Equities research analysts expect that Progress Software will post 2.14 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.155 per share. This is a boost from Progress Software’s previous quarterly dividend of $0.14. The ex-dividend date is Friday, November 30th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.76%. Progress Software’s dividend payout ratio is currently 32.56%.
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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