Analysts Set Progress Software Co. (NASDAQ:PRGS) PT at $52.75

Progress Software Co. (NASDAQ:PRGSGet Rating) has been given an average recommendation of “Buy” by the six ratings firms that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $52.75.

Several equities analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on Progress Software in a report on Friday, September 9th. They set a “hold” rating and a $52.00 price target on the stock. Citigroup lowered their price target on Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 3rd. Finally, Guggenheim assumed coverage on Progress Software in a report on Friday, August 12th. They set a “buy” rating and a $60.00 price target on the stock.

Progress Software Stock Performance

PRGS stock opened at $52.85 on Friday. The stock has a market capitalization of $2.27 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 7.59 and a beta of 1.05. Progress Software has a 12-month low of $40.33 and a 12-month high of $53.14. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 1.67. The stock’s 50 day simple moving average is $47.49 and its 200 day simple moving average is $47.35.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings data on Tuesday, September 27th. The software maker reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.03. The business had revenue of $153.06 million for the quarter, compared to analysts’ expectations of $148.10 million. Progress Software had a return on equity of 39.31% and a net margin of 14.75%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 EPS. As a group, research analysts forecast that Progress Software will post 3.46 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a $0.175 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.32%. Progress Software’s payout ratio is presently 35.90%.

Insiders Place Their Bets

In other news, CAO Domenic Lococo sold 500 shares of the firm’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the transaction, the chief accounting officer now owns 1,886 shares in the company, valued at $96,072.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $51.32, for a total value of $256,600.00. Following the completion of the transaction, the chief executive officer now owns 45,000 shares in the company, valued at $2,309,400. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Domenic Lococo sold 500 shares of Progress Software stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $50.94, for a total value of $25,470.00. Following the completion of the transaction, the chief accounting officer now owns 1,886 shares of the company’s stock, valued at approximately $96,072.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,806 shares of company stock worth $1,139,740. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. grew its position in Progress Software by 0.7% in the first quarter. D.A. Davidson & CO. now owns 33,996 shares of the software maker’s stock worth $1,601,000 after acquiring an additional 231 shares in the last quarter. Martingale Asset Management L P grew its position in Progress Software by 0.6% in the third quarter. Martingale Asset Management L P now owns 40,193 shares of the software maker’s stock worth $1,711,000 after acquiring an additional 250 shares in the last quarter. Yousif Capital Management LLC grew its position in Progress Software by 0.6% in the first quarter. Yousif Capital Management LLC now owns 40,247 shares of the software maker’s stock worth $1,895,000 after acquiring an additional 250 shares in the last quarter. Prudent Man Advisors LLC grew its position in Progress Software by 5.5% in the first quarter. Prudent Man Advisors LLC now owns 4,793 shares of the software maker’s stock worth $226,000 after acquiring an additional 252 shares in the last quarter. Finally, Van Hulzen Asset Management LLC lifted its stake in Progress Software by 3.2% in the third quarter. Van Hulzen Asset Management LLC now owns 8,650 shares of the software maker’s stock worth $368,000 after purchasing an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 98.90% of the company’s stock.

Progress Software Company Profile

(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.

Read More

Analyst Recommendations for Progress Software (NASDAQ:PRGS)

Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.