Progress Software Co. (NASDAQ:PRGS – Get a Free Report) Director David Krall sold 20,000 shares of Progress Software stock in a transaction dated Thursday, April 11. The shares sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now directly owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, available at this link.
Progress Software trading drops 1.8%
Shares of PRGS opened at $50.06 on Tuesday. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 6.63, and a beta of 0.94. The stock has a 50-day simple moving average of $53.60 and a two-hundred-day simple moving average of $53.76. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. Progress Software Co. has a fifty-two week low of $49.02 and a fifty-two week high of $62.34.
Progress Software (NASDAQ:PRGS – Get Free Report) posted its latest earnings results on Tuesday, March 26. The software maker reported $1.25 earnings per share for the quarter, beating analyst consensus estimates of $1.14 by $0.11. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The company’s revenue rose 11.5% year over year this quarter. During the same period last year, the company posted earnings per share of $1.01. Research analysts predict that Progress Software Co. will post earnings per share of 3.85 for the current year.
Progress Software announces dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17. Shareholders of record on Monday, June 3 will receive a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, May 31. This represents a dividend of $0.70 annually and a dividend yield of 1.40%. Progress Software’s dividend payout ratio is 45.45%.
Analysts set new price targets
PRGS has been the subject of a number of recent research reports. JPMorgan Chase & Co. Lowered their price target on Progress Software from $65.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27. DA Davidson began reporting on Progress Software in an investigative report on Thursday, March 28. They set a buy rating and a price target of €65.00 for the company. Wedbush lifted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong buy” rating in a research report on Wednesday, April 10. Finally, Oppenheimer reiterated an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a report on Wednesday, March 27. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $64.60.
View our latest stock analysis on Progress Software
Institutional investors weigh in on Progress software
Hedge funds and other institutional investors have recently changed their holdings in the company. GAMMA Investing LLC purchased a new stake in shares of Progress Software in the fourth quarter worth approximately $28,000. Headlands Technologies LLC bought a new stake in shares of Progress Software in the third quarter worth approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Progress Software in the third quarter worth approximately $41,000. Clear Street Markets LLC bought a new stake in shares of Progress Software in the third quarter worth approximately $50,000. Finally, Ronald Blue Trust Inc. increased its stake in shares of Progress Software by 353.0% during the third quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker worth $52,000, after acquiring an additional 773 shares in the last quarter.
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.
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