Progress Software Corp (PRGS) Receives $40.00 Average PT from Brokerages

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.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Progress Software by 12.0% during the 2nd quarter. BlackRock Inc. now owns 7,020,934 shares of the software maker’s stock worth $272,552,000 after acquiring an additional 749,784 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Progress Software by 18.0% during the 2nd quarter. Bank of America Corp DE now owns 266,731 shares of the software maker’s stock worth $10,355,000 after acquiring an additional 40,605 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Progress Software by 10.4% during the 2nd quarter. Sei Investments Co. now owns 35,032 shares of the software maker’s stock worth $1,360,000 after acquiring an additional 3,295 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Progress Software during the 2nd quarter worth $469,000. Finally, Federated Investors Inc. PA lifted its holdings in shares of Progress Software by 8.7% during the 2nd quarter. Federated Investors Inc. PA now owns 147,020 shares of the software maker’s stock worth $5,707,000 after acquiring an additional 11,791 shares during the last quarter. 93.26% of the stock is owned by institutional investors.

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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