Progress Software Co. (NASDAQ:PRGS - Get Free Report) insider Yufan Stephanie Wang sold 779 shares of the company's stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Progress Software Stock Performance
NASDAQ PRGS opened at $51.34 on Wednesday. The firm's 50 day simple moving average is $51.91 and its 200 day simple moving average is $53.56. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 33.34, a P/E/G ratio of 6.57 and a beta of 0.95. Progress Software Co. has a 1 year low of $49.00 and a 1 year high of $62.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.
Progress Software (NASDAQ:PRGS - Get Free Report) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. The firm 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 business's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. As a group, research analysts expect that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.
Progress Software Announces Dividend
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The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend is Monday, June 3rd. Progress Software's payout ratio is currently 45.45%.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on PRGS shares. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 10th. DA Davidson assumed coverage on shares of Progress Software in a research report on Thursday, March 28th. They issued a "buy" rating and a $65.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of Progress Software from $65.00 to $63.00 and set an "overweight" rating for the company in a report on Wednesday, March 27th. Oppenheimer reaffirmed an "outperform" rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. Finally, Wedbush boosted their price objective on Progress Software from $65.00 to $67.00 and gave the stock an "outperform" rating in a report 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 given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $64.60.
Read Our Latest Report on PRGS
Hedge Funds Weigh In On Progress Software
A number of hedge funds have recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. grew its holdings in Progress Software by 207.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 79,895 shares of the software maker's stock worth $4,201,000 after purchasing an additional 53,919 shares during the period. Raymond James & Associates lifted its position in Progress Software by 1.9% in the 3rd quarter. Raymond James & Associates now owns 54,613 shares of the software maker's stock valued at $2,872,000 after acquiring an additional 1,024 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Progress Software by 13.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,292 shares of the software maker's stock worth $699,000 after purchasing an additional 1,616 shares during the last quarter. Mackenzie Financial Corp bought a new stake in Progress Software during the third quarter worth $675,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Progress Software by 14.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,279 shares of the software maker's stock worth $1,119,000 after acquiring an additional 2,621 shares during the last quarter.
Progress Software Company Profile
(
Get 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 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.
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