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 Tuesday, Benzinga reports. The brokerage currently has a $65.00 price objective on the software maker’s stock.

Other equities research analysts have also issued reports about the company. Wedbush raised their target price on Progress Software from $67.00 to $68.00 and gave the company an outperform rating in a research report on Thursday, July 18th. Jefferies Financial Group cut their price target 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. Oppenheimer reiterated an outperform rating and set a $66.00 price target on shares of Progress Software in a research note on Wednesday, June 26th. Guggenheim reiterated a buy rating and set a $64.00 price target on shares of Progress Software in a research note on Tuesday, June 25th. Finally, StockNews.com downgraded Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $63.50.

Progress Software Trading Up 1.3 %

Shares of Progress Software stock opened at $57.99 on Tuesday. Progress Software has a 1 year low of $48.00 and a 1 year high of $60.33. The firm has a market cap of $2.48 billion, a PE ratio of 35.36, a P/E/G ratio of 7.33 and a beta of 0.91. The stock has a fifty day moving average price of $56.73 and a 200-day moving average price of $53.33. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $168.60 million. Equities research analysts anticipate that Progress Software will post 3.91 EPS for the current year.

Progress Software Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be paid a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.21%. Progress Software’s dividend payout ratio is currently 42.68%.

Insiders Place Their Bets

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was 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 filing with the SEC, which can be accessed through the SEC website. In other news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software 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 sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock worth $765,004 in the last quarter. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

A number of large investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares in the last quarter. US Bancorp DE raised its holdings in shares of Progress Software by 2.2% during the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock valued at $1,016,000 after buying an additional 404 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software during the 2nd quarter valued at about $27,000. Assetmark Inc. raised its holdings in shares of Progress Software by 19.5% during the 4th quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock valued at $179,000 after buying an additional 539 shares in the last quarter. Finally, Hudson Edge Investment Partners Inc. raised its holdings in shares of Progress Software by 5.4% during the 4th quarter. Hudson Edge Investment Partners Inc. now owns 11,159 shares of the software maker’s stock valued at $606,000 after buying an additional 569 shares in 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.