Brokerages Set Progress Software Co. (NASDAQ:PRGS) Price Target at $63.50

Shares of Progress Software Co. (NASDAQ:PRGS) have received an average rating of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $63.50.

Several research firms have recently commented on PRGS. Jefferies Financial Group reduced 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, June 26th. Wedbush reissued an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday. Guggenheim reissued a “buy” rating and set a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Finally, Oppenheimer reissued an “outperform” rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th.

Progress Software Stock Performance

Progress Software stock opened at $57.27 on Tuesday. The stock has a market cap of $2.45 billion, a P/E ratio of 34.92, a price-to-earnings-growth ratio of 7.38 and a beta of 0.91. 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 50 day moving average of $56.68 and a 200-day moving average of $53.31. Progress Software has a 52 week low of $48.00 and a 52 week high of $60.33.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating the consensus estimate of $0.74 by $0.13. The company had revenue of $175.08 million during the quarter, compared to analysts’ expectations of $168.60 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. On average, analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.22%. Progress Software’s dividend payout ratio is presently 42.68%.

Insiders Place Their Bets

In other news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares in the company, valued at $750,467.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Delphi Management Inc. MA grew its holdings in Progress Software by 40.8% during the second quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock worth $1,708,000 after acquiring an additional 9,127 shares during the period. Creative Planning boosted its position in shares of Progress Software by 50.9% during the 2nd quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after purchasing an additional 2,183 shares in the last quarter. Algert Global LLC acquired a new position in shares of Progress Software in the 2nd quarter worth approximately $236,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $1,540,000. Finally, Mackenzie Financial Corp acquired a new stake in Progress Software during the second quarter valued at approximately $1,378,000.

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.