Progress Software Co. (NASDAQ:PRGS) Receives Consensus “Buy” Rating from Analysts

Progress Software Co. (NASDAQ: PRGS – Get a rating) has been assigned an average “Buy” recommendation by the six rating agencies that currently cover the company, reports MarketBeat Ratings. One analyst rated the stock with a hold recommendation, four gave the company a buy recommendation and one gave the company a strong buy recommendation. The 12-month average price target among brokerages that have issued ratings on the stock over the past year is $56.00.

The PRGS has been the subject of several analyst reports. began covering Progress Software stocks in a research note on Thursday, March 31. They issued a “Strong Buy” rating for the company. Citigroup raised its target price on Progress Software from $48.00 to $52.00 and gave the stock a “neutral” rating in a Wednesday, March 30 report. To finish, Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a target price of $52.00 for the company in a Thursday, April 7 report.

Shares of Progress Software rose $0.58 on Friday, hitting $48.41. The company’s stock had a trading volume of 932 shares, compared to its average volume of 335,041. Progress Software has a 52-week low of $41.68 and a 52-week high of $53.99. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt ratio of 1.67. The company has a fifty-day moving average price of $46.74 and a 200-day moving average price of $46.77. The company has a market cap of $2.12 billion, a P/E ratio of 27.06, a price-to-earnings growth ratio of 6.73, and a beta of 1.07.

Progress Software (NASDAQ: PRGS – Get a rating) last released its quarterly earnings data on Tuesday, March 29. The software maker reported EPS of $0.85 for the quarter, beating the consensus estimate of $0.72 by $0.13. Progress Software achieved a net margin of 14.40% and a return on equity of 39.08%. The company posted revenue of $147.51 million for the quarter, versus analyst estimates of $139.24 million. During the same period of the previous year, the company achieved EPS of $0.82. The company’s revenue for the quarter increased by 11.9% compared to the same quarter last year. As a group, analysts expect Progress Software to post earnings per share of 3.45 for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 15. Shareholders of record on Wednesday, June 1 will receive a dividend of $0.175. This represents a dividend of $0.70 on an annualized basis and a yield of 1.45%. The ex-dividend date is Tuesday, May 31. Progress Software’s dividend payout ratio is currently 39.11%.

In other news, EVP Jeremy Segal sold 1,281 shares of the company in a trade that took place on Friday, April 1. The shares were sold at an average price of $47.14, for a total transaction of $60,386.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. Additionally, CAO Domenic Lococo sold 1,756 shares of the company in a trade that took place on Thursday, May 5. The stock was sold at an average price of $49.08, for a total transaction of $86,184.48. As a result of the sale, the accounting chief now directly owns 1,647 shares of the company, valued at approximately $80,834.76. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 23,159 shares of the company valued at $1,102,044. 3.20% of the shares are held by insiders of the company.

Several hedge funds have recently increased or reduced their stakes in the company. Marshall Wace North America LP acquired a new position in Progress Software in the first quarter worth $28,000. Lazard Asset Management LLC increased its stake in Progress Software by 20.6% in the fourth quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker worth $68,000 after purchasing an additional 241 shares during the period. Penserra Capital Management LLC purchased a new stake in Progress Software in the third quarter for $84,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Progress Software in the first quarter worth $85,000. Finally, Advisor Group Holdings Inc. increased its stake in Progress Software by 34.6% in the third quarter. Advisor Group Holdings Inc. now owns 1,820 shares of the software maker valued at $90,000 after buying 468 additional shares in the last quarter. 99.46% of the shares are held by institutional investors and hedge funds.

Progress Software Company Profile (Get a rating)

Progress Software Corporation develops, deploys and manages business applications. The company offers OpenEdge, a development software, which creates multilingual applications for secure deployment on various platforms and devices, as well as in the cloud; development tools including components for developing user interfaces for web, mobile, desktop, chat, and AR/VR applications, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and process change, as well as decision-related analytics capabilities.

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