Progress Software Co. (NASDAQ:PRGS – Get Rating) CEO Yogesh K. Gupta sold 5,000 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $43.87, for a total transaction of $219,350.00. Following the completion of the sale, the chief executive officer now directly owns 65,000 shares of the company’s stock, valued at approximately $2,851,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Progress Software Stock Down 0.5 %
PRGS stock traded down $0.22 during midday trading on Thursday, reaching $43.00. 293,195 shares of the company were exchanged, compared to its average volume of 310,391. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.25 and a current ratio of 1.25. Progress Software Co. has a 1-year low of $41.68 and a 1-year high of $53.99. The stock’s 50-day simple moving average is $47.03 and its 200 day simple moving average is $46.80. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 6.24 and a beta of 1.00.
Progress Software (NASDAQ:PRGS – Get Rating) last released its quarterly earnings data on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.07. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The company had revenue of $148.70 million for the quarter, compared to analysts’ expectations of $146.45 million. During the same quarter last year, the company earned $0.67 earnings per share. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts forecast that Progress Software Co. will post 3.47 earnings per share for the current year.
Progress Software Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.175 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.63%. Progress Software’s payout ratio is 32.56%.
Hedge Funds Weigh In On Progress Software
A number of institutional investors have recently modified their holdings of PRGS. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Progress Software in the 1st quarter valued at $85,000. SG Americas Securities LLC purchased a new position in Progress Software in the 1st quarter valued at $108,000. Simplex Trading LLC grew its position in Progress Software by 139.2% in the 1st quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock valued at $112,000 after buying an additional 8,469 shares during the last quarter. Penserra Capital Management LLC grew its position in Progress Software by 50.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after buying an additional 874 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in Progress Software by 75.1% in the 1st quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after buying an additional 1,512 shares during the last quarter. 98.90% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have weighed in on PRGS shares. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 9th. Jefferies Financial Group began coverage on shares of Progress Software in a research note on Friday, September 9th. They issued a “hold” rating and a $52.00 price objective for the company. Oppenheimer reduced their target price on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, June 29th. Wedbush reaffirmed an “outperform” rating on shares of Progress Software in a report on Wednesday, June 29th. Finally, Guggenheim began coverage on shares of Progress Software in a report on Friday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and an average target price of $55.40.
About Progress Software
Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, 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 change process, and decision-related insight capabilities.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Progress Software, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Progress Software wasn’t on the list.
While Progress Software currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.