Progress Software (NASDAQ:PRGS) Receives Buy Rating from DA Davidson

DA Davidson reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note released on Wednesday, Benzinga reports. DA Davidson currently has a $65.00 price target on the software maker’s stock.

PRGS has been the topic of a number of other reports. Oppenheimer reiterated an outperform rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research note on Wednesday. StockNews.com upgraded shares of Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. Guggenheim reiterated a buy rating and issued a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Progress Software presently has a consensus rating of Moderate Buy and a consensus price target of $63.14.

Progress Software Stock Up 0.0 %

PRGS opened at $54.26 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 7.05 and a beta of 0.93. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34. The company’s 50-day moving average price is $50.61 and its two-hundred day moving average price is $53.00.

Progress Software Dividend Announcement

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

Insider Buying and Selling

In related news, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the sale, the chief financial officer now directly owns 37,542 shares in the company, valued at approximately $1,895,871. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,761 shares of company stock valued at $2,841,941. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in shares of Progress Software in the 4th quarter worth $28,000. Orion Capital Management LLC bought a new position in shares of Progress Software in the 3rd quarter worth $41,000. Blue Trust Inc. increased its holdings in shares of Progress Software by 24.1% in the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after buying an additional 239 shares during the last quarter. Principal Securities Inc. bought a new position in shares of Progress Software in the 4th quarter worth $68,000. Finally, EntryPoint Capital LLC increased its holdings in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares during the last quarter.

Progress Software Company Profile

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.