Brokerages Set Progress Software Co. (NASDAQ:PRGS) Target Price at $64.60

Shares of Progress Software Co. (NASDAQ:PRGS) have received an average rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $64.60.

Several research analysts have recently weighed in on PRGS shares. Oppenheimer restated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Wedbush upped their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. cut their price objective on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, March 27th. Finally, DA Davidson assumed coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price objective for the company.

Insider Buying and Selling

In related news, insider Ian Pitt sold 3,168 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $57.40, for a total transaction of $181,843.20. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progress Software news, insider Ian Pitt sold 3,168 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $57.40, for a total transaction of $181,843.20. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Krall sold 20,000 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the transaction, the director now directly owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The disclosure for this sale can be found here. Insiders sold a total of 101,248 shares of company stock worth $5,632,902 in the last three months. 3.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC boosted its stake in Progress Software by 4.3% during the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock worth $231,000 after acquiring an additional 190 shares in the last quarter. Captrust Financial Advisors increased its position in Progress Software by 1.1% in the 4th quarter. Captrust Financial Advisors now owns 17,769 shares of the software maker’s stock valued at $896,000 after buying an additional 195 shares in the last quarter. Kendall Capital Management raised its stake in Progress Software by 1.4% during the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after buying an additional 195 shares during the period. Public Employees Retirement Association of Colorado boosted its holdings in Progress Software by 3.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 6,107 shares of the software maker’s stock worth $332,000 after acquiring an additional 197 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Progress Software by 9.2% in the third quarter. Assetmark Inc. now owns 2,761 shares of the software maker’s stock valued at $145,000 after acquiring an additional 232 shares during the period.

Progress Software Stock Performance

PRGS opened at $50.06 on Friday. The business’s 50-day simple moving average is $53.60 and its 200 day simple moving average is $53.76. Progress Software has a 52-week low of $49.02 and a 52-week high of $62.34. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $2.20 billion, a PE ratio of 32.51, a PEG ratio of 6.63 and a beta of 0.94.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. As a group, sell-side analysts expect that Progress Software will post 3.85 earnings per share for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.175 dividend. The ex-dividend date is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.40%. Progress Software’s payout ratio is currently 45.45%.

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.