Progress Software Co. (NASDAQ:PRGS – Get Free Report) insider Yufan Stephanie Wang sold 779 shares of the company’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Progress Software Price Performance
Shares of Progress Software stock traded up $0.15 during midday trading on Tuesday, hitting $51.34. 252,394 shares of the company were exchanged, compared to its average volume of 554,240. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $2.22 billion, a P/E ratio of 33.24, a PEG ratio of 6.57 and a beta of 0.95. Progress Software Co. has a 52 week low of $49.00 and a 52 week high of $62.34. The firm has a 50 day simple moving average of $51.95 and a 200-day simple moving average of $53.56.
Progress Software (NASDAQ:PRGS – Get Free Report) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the company posted $1.01 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts forecast that Progress Software Co. will post 3.85 earnings per share for the current year.
Progress Software Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.175 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.70 annualized dividend and a yield of 1.36%. Progress Software’s payout ratio is 45.45%.
Institutional Investors Weigh In On Progress Software
Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. GAMMA Investing LLC acquired a new stake in shares of Progress Software in the 4th quarter valued at $28,000. Headlands Technologies LLC acquired a new stake in shares of Progress Software in the 3rd quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in shares of Progress Software in the 3rd quarter valued at $41,000. Clear Street Markets LLC acquired a new stake in shares of Progress Software in the 3rd quarter valued at $50,000. Finally, Blue Trust Inc. grew its stake in shares of Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares during the period.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on PRGS shares. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. DA Davidson started coverage on Progress Software in a research report on Thursday, March 28th. They set a “buy” rating and a $65.00 target price on the stock. Wedbush boosted their target price on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. cut their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $64.60.
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.