Progress Software’s (PRGS) “Buy” Rating Reaffirmed at Guggenheim

Guggenheim reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research report report published on Tuesday, Benzinga reports. They currently have a $64.00 target price on the software maker’s stock.

A number of other brokerages have also issued reports on PRGS. JPMorgan Chase & Co. decreased their target price on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. StockNews.com upgraded shares of Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. DA Davidson started coverage on Progress Software in a research report on Thursday, March 28th. They issued a buy rating and a $65.00 target price for the company. Finally, Oppenheimer reiterated an outperform rating and set a $66.00 price target on shares of Progress Software in a research report on Wednesday, March 27th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $63.14.

Progress Software Stock Performance

PRGS opened at $54.26 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The business’s 50 day moving average is $50.61 and its 200-day moving average is $53.00. The stock has a market cap of $2.35 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 7.14 and a beta of 0.93. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The firm had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, analysts predict that Progress Software will post 3.85 earnings per share for the current year.

Progress Software Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 2nd will be given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.29%. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

Insider Buying and Selling

In other news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares of the company’s stock, valued at $857,858.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the sale, the executive vice president now owns 17,195 shares in the company, valued at $857,858.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yufan Stephanie Wang sold 779 shares of the 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 disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock worth $2,841,941 in the last three months. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after buying an additional 312,537 shares in the last quarter. Norges Bank bought a new stake in Progress Software in the fourth quarter worth approximately $15,701,000. Swedbank AB bought a new stake in Progress Software in the first quarter worth approximately $10,356,000. Vanguard Group Inc. increased its stake in shares of Progress Software by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,496,755 shares of the software maker’s stock worth $289,019,000 after purchasing an additional 123,157 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Progress Software by 197.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after purchasing an additional 88,175 shares in the last quarter.

About Progress Software

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.