Progress Software Co. (NASDAQ:PRGS) Receives $63.14 Consensus Target Price from Brokerages

Progress Software Co. (NASDAQ:PRGS) has earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $63.14.

Several research analysts have commented on PRGS shares. Guggenheim restated a “buy” rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. JPMorgan Chase & Co. reduced their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Finally, StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th.

Progress Software Trading Down 0.7 %

PRGS opened at $54.43 on Thursday. The stock’s fifty day moving average is $50.78 and its two-hundred day moving average is $52.98. The company has a market capitalization of $2.35 billion, a P/E ratio of 33.19, a PEG ratio of 6.97 and a beta of 0.93. Progress Software has a 52 week low of $48.00 and a 52 week high of $62.34. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.29%. Progress Software’s payout ratio is 42.68%.

Insider Transactions at Progress Software

In other news, EVP John Ainsworth sold 30,631 shares of the firm’s 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 owns 32,002 shares of the company’s stock, valued at approximately $1,633,062.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP John Ainsworth sold 30,631 shares of the firm’s 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 owns 32,002 shares of the company’s stock, valued at approximately $1,633,062.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Krall sold 20,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the transaction, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The disclosure for this sale can be found here. Insiders sold 58,679 shares of company stock valued at $2,999,776 in the last quarter. 3.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRGS. GAMMA Investing LLC purchased a new position in Progress Software in the 4th quarter worth $28,000. Orion Capital Management LLC purchased a new position in Progress Software in the 3rd quarter worth $41,000. Blue Trust Inc. raised its stake in Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after acquiring an additional 239 shares during the last quarter. Principal Securities Inc. purchased a new position in Progress Software in the 4th quarter worth $68,000. Finally, EntryPoint Capital LLC raised its stake in shares of Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares during the last quarter.

About Progress Software

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.