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. StockNews.com 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.

Read more

This instant news alert was powered by MarketBeat’s storytelling science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Progress Software right now?

Before you consider Progress Software, you’ll want to hear this.

MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Progress Software wasn’t on the list.

Although Progress Software currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here