Progress Software Co. (NASDAQ:PRGS – Get Free Report) EVP John Ainsworth sold 30,631 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $51.03, for a total transaction of $1,563,099.93. Following the sale, the executive vice president now directly owns 32,002 shares of the company’s stock, valued at $1,633,062.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Progress Software rises 0.5%
NASDAQ PRGS opened at $51.70 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. The company’s fifty-day moving average price is $51.65 and its 200-day moving average price is $53.55. The company has a market cap of $2.23 billion, a price-to-earnings ratio of 33.57, a price-to-earnings growth ratio of 6.61, and a beta of 0.95. Progress Software Co. has a 12-month low of $49.00 and a 12-month high of $62.34.
Progress Software (NASDAQ:PRGS – Get Free Report) last released its quarterly earnings data on Tuesday, March 26. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. In the same quarter of the previous year, the company posted earnings per share of $1.01. Progress Software’s revenue for the quarter increased 11.5% year over year. On average, sell-side analysts expect that Progress Software Co. will record a profit per share of 3.85 for the current financial year.
Progress Software announces dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17. A dividend of $0.175 will be paid to shareholders of record on Monday, June 3. This represents a dividend of $0.70 annually and a yield of 1.35%. The ex-dividend date of this dividend is Monday, June 3. Progress Software’s dividend payout ratio currently stands at 45.45%.
Institutional investors weigh in on Progress software
A number of institutional investors and hedge funds have recently increased or decreased their stakes in PRGS. GAMMA Investing LLC bought a new stake in Progress Software in the fourth quarter worth approximately $28,000. Headlands Technologies LLC acquired a new position in shares of Progress Software during the third quarter valued at approximately $40,000. Orion Capital Management LLC acquired a new position in shares of Progress Software in the 3rd quarter valued at approximately $41,000. Clear Street Markets LLC bought a new position in Progress Software during the third quarter valued at $50,000. Finally, Blue Trust Inc. its stake in Progress Software shares increased by 24.1% in the fourth 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 period.
Wall Street analysts weigh in
Several brokers have recently released reports on PRGS. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27. JPMorgan Chase & Co. lowered his price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27. DA Davidson initiated coverage on shares of Progress Software in a research report on Thursday, March 28. They gave a buy rating and a $65.00 price target for the stock. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong buy” rating in a research report on Wednesday, April 10. Finally, Wedbush raised their price target on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $64.60.
Get our latest stock analysis on PRGS
Progress Software Company Profile
(Get a free report)
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 which consist of a collection of software development tools 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 that provides cloud-native and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation that delivers intelligent and ROI-driving tools for marketers.
Featured Stories
Receive daily news and reviews for Progress Software – Enter your email address below to receive a daily digest of the latest news and analyst ratings for Progress Software and related companies with MarketBeat.com’s FREE daily email newsletter.