Progress Software Company (NASDAQ: PRGS) Receives a Consensus Recommendation of “Moderate Buy” from the Brokerage

Shares of Progress Software Company (NASDAQ: PRGS – GATE Rating) have an average “Buy” rating from the six research firms that are currently covering the company, reports MarketBeat. One equity research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts who issued a report on the stock in the past year is $52.75.

Several equity research analysts have issued reports on the stock. Citigroup reduced its target price on shares of Progress Software from $52.00 to $46.00 in a research note on Thursday, September 29. Guggenheim initiated coverage on shares of Progress Software in a research note on Friday, August 12. He issued a “Buy” rating and $60.00 price objective for the company. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 3. Finally, Jefferies Financial Group assumed coverage on shares of Progress Software in a research note on Friday, September 9. He issued a “Hold” rating and $52.00 price objective for the company.

Progress Software Trading down 0.1 %

Progress Software stock opened on Friday at $51.60. The company’s debt-to-equity ratio is 1.67, quick ratio is 1.30 and current ratio is 1.30. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 7.46, and a beta of 1.05. Progress Software’s 1 Year Low is $40.33 and 1 Year High is $52.93. The firm’s 50-day moving average price is $46.92 and its 200-day moving average price is $47.22.

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Progress Software (NASDAQ: PRGS – Receive Rating) last posted its quarterly earnings data on Tuesday, September 27. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.97 to $0.03. Pragati Software had a net margin of 14.75% and a return on equity of 39.31%. The firm’s revenue during the quarter was $153.06 million, compared to analyst estimates of $148.10 million. During the same quarter last year, the business posted EPS of $1.06. The company’s revenue was up .3% on a year-over-year basis. On average, research analysts estimate Progress Software to post 3.46 EPS for the current fiscal.

Pragati Software declares dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15. A dividend of $0.175 per share will be paid to shareholders of record on Thursday, December 1. The ex-dividend date for this dividend is Wednesday, November 30. This represents a $0.70 annual dividend and a dividend yield of 1.36%. Pragati Software’s Dividend Payout Ratio (DPR) currently stands at 35.90%.

indoor activity

In other news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in one transaction on Monday, August 22. Shares were sold at an average price of $49.53, for a total transaction of $247,650.00. Following the sale, the CEO now directly owns 70,000 shares in the company, valued at approximately $3,467,100. The sale was disclosed in a filing with the SEC, which is available via this hyperlink. In other Progress Software news, CEO Yogesh K. Gupta sold 5,000 shares of the business’s stock in one transaction on Monday, August 22. Shares were sold at an average price of $49.53 for a total value of $247,650.00. Following the transaction, the CEO now directly owns 70,000 shares in the company, valued at $3,467,100. The transaction was disclosed in a document filed with the SEC, which is available via this link. In addition, CAO Domenic Lococo sold 500 shares of the business’s stock in a transaction on Friday, October 28. The shares were sold at an average price of $50.94, for a total transaction of 25,470.00. Following the completion of the transaction, the chief accounting officer now holds 1,886 shares in the company, valued at $96,072.84. Disclosure of this sale can be found here. In the last three months, insiders sold 23,806 shares of company stock valued at $1,130,790. Corporate insiders own 3.20% of the company’s stock.

Hedge funds weigh in on Progress Software

Several large investors have recently changed their holding in PRGS. Federated Hermes Inc. raised its stake in Progress Software to 46.7% in the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock valued at $50,000 after buying an additional 371 shares in the last quarter. Point72 Hong Kong Ltd. acquired a new position in Progress Software during the third quarter worth $87,000. SG Americas Securities LLC acquired new stake in Progress Software in the first quarter valued at $108,000. Simplex Trading LLC boosted its stake in Progress Software to 139.2% in the first quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock valued at $112,000 after acquiring an additional 8,469 shares during the last quarter. Finally, Pencera Capital Management LLC raised its stake in Progress Software to 50.0% in the first quarter. Pensera Capital Management LLC now owns 2,622 shares of the software maker’s stock valued at $123,000 after acquiring an additional 874 shares during the last quarter. 98.90% of the stock is currently owned by institutional investors and hedge funds.

About Pragati Software

(get rating)

Progress Software Corporation develops, deploys and manages business applications. The company offers OpenEdge, a development software that builds multi-language applications for secure deployment across a variety of platforms and devices, as well as in the cloud; developer tools that include 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 rule management system that provides decision automation and change process, and applications with decision-related insight capabilities.

Further reading

Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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