Progress Software (NASDAQ:PRGS) PT Lowered to $63.00 at JPMorgan Chase & Co.

Progress Software (NASDAQ:PRGSFree Report) had its target price reduced by JPMorgan Chase & Co. from $65.00 to $63.00 in a research note released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the software maker’s stock.

PRGS has been the subject of a number of other reports. Wedbush boosted their target price on shares of Progress Software from $65.00 to $67.00 and gave the stock an outperform rating in a research note on Friday, February 23rd. Oppenheimer reaffirmed an outperform rating and issued a $66.00 target price on shares of Progress Software in a research note on Wednesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $64.60.

View Our Latest Report on PRGS

Progress Software Trading Up 1.3 %

Shares of PRGS stock opened at $53.31 on Wednesday. Progress Software has a 12-month low of $49.02 and a 12-month high of $62.34. The company has a market capitalization of $2.34 billion, a P/E ratio of 34.62, a P/E/G ratio of 6.93 and a beta of 0.95. The firm has a 50-day moving average price of $55.11 and a 200 day moving average price of $54.17. The company has a quick ratio of 0.94, a current ratio of 0.91 and a debt-to-equity ratio of 1.46.

Progress Software (NASDAQ:PRGSGet Free Report) last announced its quarterly earnings results 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 net margin of 9.67% and a return on equity of 36.62%. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same period last year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. Research analysts forecast that Progress Software will post 3.79 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, May 31st. Progress Software’s dividend payout ratio (DPR) is 45.45%.

Insider Buying and Selling

In related news, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the completion of the transaction, the chief executive officer now owns 186,558 shares in the company, valued at $10,624,478.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the completion of the transaction, the chief executive officer now owns 186,558 shares in the company, valued at $10,624,478.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total transaction of $430,575.00. Following the transaction, the chief financial officer now owns 37,046 shares of the company’s stock, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. Insiders sold a total of 81,998 shares of company stock valued at $4,651,992 over the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new position in Progress Software during the fourth quarter worth $28,000. Headlands Technologies LLC acquired a new position in Progress Software during the third quarter worth $40,000. Orion Capital Management LLC acquired a new position in Progress Software during the third quarter worth $41,000. Clear Street Markets LLC acquired a new position in Progress Software during the third quarter worth $50,000. Finally, Ronald Blue Trust Inc. boosted its holdings in Progress Software by 353.0% during the third quarter. Ronald Blue Trust Inc. now owns 992 shares of the software maker’s stock worth $52,000 after purchasing an additional 773 shares during the last quarter.

About Progress Software

(Get Free Report)

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.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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