PRGS has been the subject of a number of other research reports. Zacks Investment Research raised shares of Progress Software from a hold rating to a strong-buy rating and set a $42.00 price objective for the company in a research report on Friday, September 11th. Benchmark upped their price target on Progress Software from $39.00 to $43.00 and gave the company a buy rating in a report on Friday, June 26th. ValuEngine downgraded Progress Software from a hold rating to a sell rating in a research report on Monday, August 3rd. Finally, Wedbush restated an outperform rating and set a $45.00 price objective on shares of Progress Software in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Progress Software has an average rating of Buy and an average price target of $45.75.
PRGS opened at $40.22 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average price is $36.69 and its two-hundred day moving average price is $36.92. The firm has a market capitalization of $1.80 billion, a P/E ratio of 39.43 and a beta of 1.03. Progress Software has a 12-month low of $28.09 and a 12-month high of $52.50.
Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Sunday, October 4th. The software maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.01. The company had revenue of $110.88 million during the quarter, compared to analysts’ expectations of $107.17 million. Progress Software had a return on equity of 34.66% and a net margin of 10.81%. Progress Software’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share. As a group, analysts anticipate that Progress Software will post 2.54 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a dividend of $0.175 per share. This is a boost from Progress Software’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, November 30th. This represents a $0.70 dividend on an annualized basis and a yield of 1.74%. Progress Software’s dividend payout ratio (DPR) is currently 28.82%.
In other news, Director Rainer Gawlick bought 1,000 shares of Progress Software stock in a transaction dated Monday, October 5th. The shares were bought at an average price of $37.77 per share, for a total transaction of $37,770.00. Also, CEO Yogesh K. Gupta bought 2,700 shares of the stock in a transaction dated Thursday, October 1st. The stock was purchased at an average cost of $37.50 per share, for a total transaction of $101,250.00. Following the acquisition, the chief executive officer now owns 96,142 shares in the company, valued at approximately $3,605,325. The disclosure for this purchase can be found here. Insiders have acquired 6,322 shares of company stock worth $238,001 over the last ninety days. Company insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. acquired a new stake in shares of Progress Software during the first quarter worth approximately $28,000. Advisor Group Holdings Inc. bought a new stake in Progress Software during the 1st quarter worth approximately $48,000. DekaBank Deutsche Girozentrale acquired a new stake in Progress Software during the 2nd quarter valued at $69,000. Advisors Asset Management Inc. bought a new position in Progress Software in the 2nd quarter valued at $107,000. Finally, Point72 Hong Kong Ltd raised its position in Progress Software by 113.9% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,485 shares of the software maker’s stock valued at $135,000 after purchasing an additional 1,856 shares during the last quarter. Hedge funds and other institutional investors own 92.88% of the company’s stock.
Progress Software Company Profile
Progress Software Corporation develops business applications worldwide. The company operates in 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; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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