Progress Software (NASDAQ:PRGS) Given “Buy” Rating at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Progress Software (NASDAQ:PRGSGet Rating) in a research note published on Tuesday, Benzinga reports. Guggenheim currently has a $60.00 price target on the software maker’s stock.

A number of other brokerages have also recently weighed in on PRGS. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research note on Thursday, November 3rd. Citigroup cut their price objective on Progress Software from $52.00 to $46.00 in a report on Thursday, September 29th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $52.75.

Progress Software Stock Down 0.5 %

PRGS stock opened at $51.50 on Tuesday. The business’s 50-day moving average price is $51.81 and its 200-day moving average price is $48.66. The stock has a market cap of $2.21 billion, a P/E ratio of 23.84, a PEG ratio of 7.55 and a beta of 1.05. Progress Software has a twelve month low of $40.33 and a twelve month high of $54.23. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.55.

Progress Software (NASDAQ:PRGSGet Rating) last released its quarterly earnings data on Tuesday, January 17th. The software maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The firm had revenue of $159.17 million during the quarter, compared to the consensus estimate of $163.04 million. Progress Software had a return on equity of 41.17% and a net margin of 15.79%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. On average, equities research analysts forecast that Progress Software will post 3.44 EPS for the current year.

Progress Software Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be paid a $0.175 dividend. The ex-dividend date is Tuesday, February 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.36%. Progress Software’s payout ratio is presently 32.41%.

Insider Activity at Progress Software

In other news, CEO Yogesh K. Gupta sold 10,000 shares of Progress Software stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $54.01, for a total transaction of $540,100.00. Following the sale, the chief executive officer now owns 35,000 shares in the company, valued at $1,890,350. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Anthony Folger sold 11,863 shares of the business’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $52.35, for a total transaction of $621,028.05. Following the sale, the chief financial officer now owns 4,603 shares of the company’s stock, valued at approximately $240,967.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Yogesh K. Gupta sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $54.01, for a total value of $540,100.00. Following the completion of the sale, the chief executive officer now directly owns 35,000 shares in the company, valued at approximately $1,890,350. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,074 shares of company stock worth $2,563,332. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Raymond James & Associates increased its holdings in shares of Progress Software by 23.6% during the 1st quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock worth $2,361,000 after buying an additional 9,590 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Progress Software by 19.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock valued at $322,000 after buying an additional 1,108 shares during the last quarter. MetLife Investment Management LLC boosted its position in Progress Software by 57.1% in the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock valued at $1,097,000 after buying an additional 8,470 shares during the last quarter. Rhumbline Advisers boosted its position in Progress Software by 7.3% in the 1st quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after buying an additional 7,594 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Progress Software by 14.9% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after buying an additional 4,951 shares during the last quarter.

About Progress Software

(Get Rating)

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.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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