Progress Software Corp (NASDAQ:PRGS) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $40.00.
A number of research firms have recently commented on PRGS. ValuEngine lowered shares of Progress Software from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. BidaskClub upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Finally, National Securities began coverage on shares of Progress Software in a research report on Monday, July 16th. They set a “buy” rating and a $50.00 price target for the company.
In other news, insider Dimitre Taslakov sold 2,000 shares of Progress Software stock in a transaction on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total transaction of $70,000.00. Following the completion of the sale, the insider now directly owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is owned by insiders.
Progress Software stock traded down $0.24 during mid-day trading on Friday, reaching $32.78. The company’s stock had a trading volume of 150,720 shares, compared to its average volume of 440,119. Progress Software has a 12-month low of $30.23 and a 12-month high of $53.60. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 19.06 and a beta of 0.88. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37.
Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Thursday, September 27th. The software maker reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Progress Software had a net margin of 15.30% and a return on equity of 28.94%. The business had revenue of $95.79 million during the quarter, compared to analyst estimates of $96.98 million. During the same period in the previous year, the business earned $0.48 EPS. Progress Software’s revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts forecast that Progress Software will post 2.14 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be given a dividend of $0.155 per share. This is a positive change from Progress Software’s previous quarterly dividend of $0.14. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, November 30th. Progress Software’s payout ratio is 32.56%.
About Progress Software
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.
Further Reading: Growth Stocks
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