Progress Software (NASDAQ:PRGS) Given “Buy” Rating at DA Davidson

DA Davidson reiterated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note released on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the software maker’s stock.

PRGS has been the subject of several other reports. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. cut their target price on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday, March 27th. Guggenheim restated a buy rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday. Jefferies Financial Group cut their target price on Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday. Finally, Oppenheimer restated an outperform rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $63.14.

Progress Software Trading Up 0.0 %

Shares of PRGS stock opened at $54.26 on Wednesday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a market cap of $2.35 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 7.14 and a beta of 0.93. The stock has a 50 day simple moving average of $50.61 and a 200 day simple moving average of $53.00. Progress Software has a 1 year low of $48.00 and a 1 year high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. On average, research analysts predict that Progress Software will post 3.85 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Insider Activity at Progress Software

In related news, EVP John Ainsworth sold 30,631 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $51.03, for a total value of $1,563,099.93. Following the completion of the sale, the executive vice president now directly owns 32,002 shares in the company, valued at $1,633,062.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Ainsworth sold 30,631 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $51.03, for a total value of $1,563,099.93. Following the completion of the sale, the executive vice president now owns 32,002 shares of the company’s stock, valued at $1,633,062.06. The disclosure for this sale can be found here. Insiders sold 55,761 shares of company stock worth $2,841,941 over the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of large investors have recently bought and sold shares of PRGS. HighTower Advisors LLC acquired a new stake in Progress Software during the 3rd quarter worth about $330,000. Envestnet Asset Management Inc. grew its holdings in Progress Software by 10.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 104,671 shares of the software maker’s stock worth $5,504,000 after acquiring an additional 10,155 shares during the period. Hsbc Holdings PLC acquired a new stake in Progress Software during the 3rd quarter worth about $626,000. Algert Global LLC acquired a new stake in Progress Software during the 3rd quarter worth about $237,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Progress Software by 305.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,458 shares of the software maker’s stock worth $2,495,000 after acquiring an additional 35,755 shares during the period.

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.