Progress Software Co. (NASDAQ:PRGS) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) have been given a consensus rating of "Moderate Buy" by the six analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $63.50.

A number of brokerages have issued reports on PRGS. StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a report on Wednesday, June 26th. DA Davidson reissued a "buy" rating and issued a $65.00 price target on shares of Progress Software in a report on Wednesday, June 26th. Guggenheim reaffirmed a "buy" rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Oppenheimer reaffirmed an "outperform" rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, June 26th. Finally, Wedbush upped their target price on Progress Software from $67.00 to $68.00 and gave the stock an "outperform" rating in a research note on Thursday, July 18th.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 3,767 shares of the business's stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the company's 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 sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kathryn Kulikoski sold 2,918 shares of the company's stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares of the company's stock, valued at $224,040.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,530 shares of company stock worth $955,238. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

Several large investors have recently added to or reduced their stakes in PRGS. Louisiana State Employees Retirement System purchased a new stake in Progress Software in the 4th quarter valued at $1,184,000. Illinois Municipal Retirement Fund lifted its stake in shares of Progress Software by 1.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker's stock valued at $1,374,000 after purchasing an additional 302 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Progress Software in the 4th quarter valued at $28,000. Meritage Portfolio Management lifted its stake in shares of Progress Software by 5.7% in the 4th quarter. Meritage Portfolio Management now owns 13,432 shares of the software maker's stock valued at $729,000 after purchasing an additional 724 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its stake in shares of Progress Software by 2.7% in the 4th quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker's stock valued at $1,664,000 after purchasing an additional 813 shares during the last quarter.

Progress Software Stock Performance

Shares of Progress Software stock traded down $0.03 on Friday, reaching $56.66. 165,109 shares of the stock were exchanged, compared to its average volume of 490,101. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 34.55, a PEG ratio of 7.22 and a beta of 0.93. The business has a 50 day moving average price of $54.28 and a two-hundred day moving average price of $53.17.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Analysts anticipate that Progress Software will post 3.91 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, August 30th. Progress Software's payout ratio is 42.68%.

Progress Software Company Profile

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.