Brokerages Set Progress Software Co. (NASDAQ:PRGS) Target Price at $63.50

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $63.50.

Several equities analysts have issued reports on PRGS shares. DA Davidson reissued a “buy” rating and issued a $65.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim reaffirmed a “buy” rating and set a $64.00 price target on shares of Progress Software in a research note on Tuesday, June 25th.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Kathryn Kulikoski sold 2,918 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the transaction, the insider now owns 4,142 shares in the company, valued at approximately $224,040.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock worth $765,004 over the last 90 days. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Delphi Management Inc. MA boosted its holdings in shares of Progress Software by 40.8% in the 2nd quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock worth $1,708,000 after buying an additional 9,127 shares during the last quarter. Creative Planning boosted its stake in Progress Software by 50.9% in the second quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after acquiring an additional 2,183 shares during the last quarter. Algert Global LLC bought a new position in shares of Progress Software during the 2nd quarter valued at approximately $236,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Progress Software during the 2nd quarter worth approximately $1,540,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Progress Software in the 2nd quarter worth approximately $1,378,000.

Progress Software Stock Up 1.3 %

Shares of NASDAQ PRGS opened at $57.99 on Tuesday. The company’s 50 day moving average price is $56.73 and its 200-day moving average price is $53.33. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. Progress Software has a 52-week low of $48.00 and a 52-week high of $60.33. The company has a market capitalization of $2.48 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The business had revenue of $175.08 million for the quarter, compared to analysts’ expectations of $168.60 million. Equities analysts forecast that Progress Software will post 3.91 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 paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio (DPR) is presently 42.68%.

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.