Progress Software (NASDAQ:PRGS) Given “Buy” Rating at DA Davidson

DA Davidson restated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $65.00 target price on the software maker’s stock.

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

Progress Software Stock Up 1.3 %

Shares of NASDAQ PRGS opened at $57.99 on Tuesday. 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 company has a market cap of $2.48 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 7.33 and a beta of 0.91. Progress Software has a 12 month low of $48.00 and a 12 month high of $60.33. The stock has a 50-day moving average price of $56.73 and a two-hundred day moving average price of $53.33.

Progress Software (NASDAQ:PRGS) last issued its 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 firm had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. As a group, analysts forecast that Progress Software will post 3.91 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

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

Insiders Place Their Bets

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the 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 transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Loren Jarrett sold 9,961 shares of the 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 transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction on 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 $224,040.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,763 shares of company stock worth $765,004. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the 2nd quarter valued at $27,000. Principal Securities Inc. purchased a new stake in Progress Software in the 4th quarter valued at $68,000. Blue Trust Inc. raised its position in Progress Software by 29.2% in 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 during the last quarter. EntryPoint Capital LLC raised its position in Progress Software by 993.5% in 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. Finally, TFO Wealth Partners LLC raised its position in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after buying 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.