Progress Software (NASDAQ:PRGS) Price Target Raised to $64.00

Progress Software (NASDAQ:PRGSGet Rating) had its target price hoisted by Guggenheim from $60.00 to $64.00 in a research note issued to investors on Monday morning, The Fly reports. Guggenheim currently has a buy rating on the software maker’s stock.

Progress Software Price Performance

PRGS stock opened at $57.75 on Monday. The firm has a market cap of $2.50 billion, a P/E ratio of 26.39, a P/E/G ratio of 8.30 and a beta of 0.99. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.54. The company’s 50-day moving average price is $55.47 and its two-hundred day moving average price is $51.00. Progress Software has a 12 month low of $40.33 and a 12 month high of $59.00.

Progress Software (NASDAQ:PRGSGet Rating) last announced its quarterly earnings results on Tuesday, January 17th. The software maker reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $159.17 million for the quarter, compared to the consensus estimate of $163.04 million. Progress Software had a net margin of 15.79% and a return on equity of 41.04%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.92 earnings per share. On average, analysts anticipate that Progress Software will post 3.44 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Tuesday, February 28th. Progress Software’s dividend payout ratio (DPR) is presently 32.41%.

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 11,863 shares of Progress Software stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $52.35, for a total transaction of $621,028.05. Following the sale, the chief financial officer now directly owns 4,603 shares in the company, valued at approximately $240,967.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Anthony Folger sold 11,863 shares of Progress Software stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $52.35, for a total transaction of $621,028.05. Following the sale, the chief financial officer now directly owns 4,603 shares in the company, valued at approximately $240,967.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 3,970 shares of Progress Software stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $56.82, for a total transaction of $225,575.40. Following the sale, the insider now owns 1,132 shares in the company, valued at $64,320.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,543 shares of company stock valued at $1,947,392. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently added to or reduced their stakes in the business. TFO TDC LLC acquired a new position in shares of Progress Software in the 4th quarter worth approximately $48,000. Ronald Blue Trust Inc. lifted its position in shares of Progress Software by 123.2% in the 4th quarter. Ronald Blue Trust Inc. now owns 953 shares of the software maker’s stock worth $41,000 after purchasing an additional 526 shares during the period. Federated Hermes Inc. lifted its position in shares of Progress Software by 46.7% in the 3rd quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after purchasing an additional 371 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Progress Software in the 3rd quarter worth approximately $87,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Progress Software in the 4th quarter worth approximately $123,000.

About Progress Software

(Get Rating)

Progress Software Corp. engages in the provision of products that develop and deploy mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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