Progress Software’s (PRGS) Outperform Rating Reaffirmed at Wedbush

Wedbush restated their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note released on Tuesday morning, Benzinga reports. The firm currently has a $68.00 price objective on the software maker’s stock.

PRGS has been the topic of a number of other research reports. StockNews.com lowered Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. DA Davidson reaffirmed a buy rating and set a $65.00 price objective on shares of Progress Software in a report on Tuesday. Guggenheim reaffirmed a buy rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Jefferies Financial Group dropped their price objective on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday, June 26th. Finally, Oppenheimer reaffirmed an outperform rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, June 26th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $63.50.

Progress Software Price Performance

Progress Software stock opened at $57.99 on Tuesday. Progress Software has a 12 month low of $48.00 and a 12 month high of $60.33. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The business has a 50 day simple moving average of $56.73 and a 200-day simple moving average of $53.33. The stock has a market capitalization of $2.48 billion, a PE ratio of 35.36, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping 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 business had revenue of $175.08 million during the quarter, compared to analysts’ expectations of $168.60 million. Equities analysts predict that Progress Software will post 3.91 earnings per share for the current year.

Progress Software Announces Dividend

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

Insider Buying and Selling at Progress Software

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

Hedge Funds Weigh In On Progress Software

Several large investors have recently added to or reduced their stakes in the business. Delphi Management Inc. MA lifted its position 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 buying an additional 9,127 shares during the period. Creative Planning lifted its position in Progress Software by 50.9% during the second quarter. Creative Planning now owns 6,474 shares of the software maker’s stock worth $351,000 after buying an additional 2,183 shares during the period. Algert Global LLC purchased a new position in Progress Software during the second quarter worth about $236,000. Susquehanna Fundamental Investments LLC purchased a new position in Progress Software during the second quarter worth about $1,540,000. Finally, Mackenzie Financial Corp purchased a new position in Progress Software during the second quarter worth about $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.