Progress Software (NASDAQ:PRGS) Stock Price Down 3%

Progress Software Co. (NASDAQ:PRGS) shares fell 3% during trading on Monday . The stock traded as low as $55.40 and last traded at $55.90. 61,781 shares changed hands during trading, a decline of 87% from the average session volume of 467,302 shares. The stock had previously closed at $57.65.

Analyst Ratings Changes

Several research firms have commented on PRGS. Guggenheim reaffirmed 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 downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Jefferies Financial Group decreased their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. Wedbush lifted their price target on Progress Software from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Finally, DA Davidson restated a “buy” rating and issued a $65.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Progress Software Price Performance

The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 35.15, a price-to-earnings-growth ratio of 7.38 and a beta of 0.91. The company has a 50 day moving average of $56.45 and a 200 day moving average of $53.24. 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 (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. As a group, equities research analysts forecast that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Insider Buying and Selling at Progress Software

In other Progress Software news, 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 completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Institutional investors and hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board purchased a new position in Progress Software in the second quarter valued at about $27,000. Principal Securities Inc. purchased a new position in Progress Software in the fourth quarter valued at about $68,000. Blue Trust Inc. boosted its holdings in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 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.