Insider Yufan Stephanie Wang of Progress Software Co. (NASDAQ:PRGS – Get a Free Report) sold 779 shares of Progress Software stock in a transaction that occurred on Monday, May 6th. The stock sold at an average price of $50.67, for a total value of $39,471.93. The sale was disclosed in a filing with the SEC, which is available at this link.
Progress Software Price-performance
Shares of Progress Software opened at $51.10 on Thursday. 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 52-week low of $49.00 and a 52-week high of $62.34. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 33.18, a price-to-earnings growth ratio of 6.57 and a beta of 0.95. The stock has a fifty-day moving average of $51.88 and a 200-day moving average of $53.55.
Progress Software (NASDAQ:PRGS – Get Free Report) posted its latest quarterly 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. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The company had revenue of $184.69 million during the quarter, compared to analyst expectations of $181.91 million. During the same quarter of the previous year, the company earned $1.01 earnings per share. Progress Software’s revenue increased by 11.5% year-on-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.
Dividend announcement from Progress Software
The company also recently announced a quarterly dividend, which will be paid on Monday, June 17. Shareholders of note on Monday, June 3 will receive a dividend of $0.175. The ex-dividend date is Monday, June 3. This represents a dividend of $0.70 annually and a yield of 1.37%. Progress Software’s dividend payout ratio currently stands at 45.45%.
Institutional trading in Progress software
A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in Progress Software in the fourth quarter valued at $28,000. Headlands Technologies LLC bought a new stake in shares of Progress Software in the third quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in shares of Progress Software during the 3rd quarter valued at $41,000. Clear Street Markets LLC acquired a new position in Progress Software during the third quarter valued at $50,000. Finally, Blue Trust Inc. strengthened. its position in Progress Software increased by 24.1% in the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker worth $65,000, after acquiring another 239 shares in the last quarter.
Analysts set new price targets
Several brokers have recently commented on PRGS. Oppenheimer reiterated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27. JPMorgan Chase & Co. lowered his price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27. StockNews.com upgraded Progress Software from a “buy” rating to a “strong buy” rating in a research note on Wednesday, April 10. 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. Finally, DA Davidson reported on Progress Software in a research note on Thursday, March 28. They gave a Buy rating and a $65.00 price target for the company. 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, Progress Software currently has a consensus rating of “Buy” and an average target price of $64.60.
Check out our latest stock report on PRGS
About Progress software
(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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