Progress Software Co. (NASDAQ:PRGS – Get Rating) CAO Domenic Lococo sold 1,756 shares of Progress Software stock in a transaction dated Thursday, May 5th. The shares were sold at an average price of $49.08, for a total value of $86,184.48. Following the sale, the chief accounting officer now directly owns 1,647 shares in the company, valued at $80,834.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of PRGS stock opened at $45.65 on Tuesday. The business’s 50 day simple moving average is $46.06 and its 200 day simple moving average is $47.13. Progress Software Co. has a one year low of $41.68 and a one year high of $53.99. The stock has a market capitalization of $2.00 billion, a PE ratio of 25.50, a PEG ratio of 6.77 and a beta of 1.07. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.21 and a quick ratio of 1.21.
Progress Software (NASDAQ:PRGS – Get Rating) last announced its earnings results on Tuesday, March 29th. The software maker reported $0.97 EPS for the quarter, beating the consensus estimate of $0.85 by $0.12. Progress Software had a return on equity of 39.08% and a net margin of 14.40%. The business had revenue of $147.51 million for the quarter, compared to analysts’ expectations of $139.24 million. During the same period in the prior year, the business posted $0.82 earnings per share. The firm’s revenue was up 11.9% on a year-over-year basis. As a group, research analysts expect that Progress Software Co. will post 3.45 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st will be issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date of this dividend is Tuesday, May 31st. Progress Software’s payout ratio is 39.11%.
Institutional investors have recently bought and sold shares of the business. Yousif Capital Management LLC bought a new position in shares of Progress Software during the 4th quarter worth approximately $1,931,000. Caxton Associates LP boosted its holdings in shares of Progress Software by 57.0% during the 3rd quarter. Caxton Associates LP now owns 8,103 shares of the software maker’s stock worth $399,000 after buying an additional 2,942 shares in the last quarter. Martingale Asset Management L P lifted its holdings in shares of Progress Software by 141.1% in the 3rd quarter. Martingale Asset Management L P now owns 40,843 shares of the software maker’s stock worth $2,010,000 after purchasing an additional 23,900 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Progress Software by 60.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 72,321 shares of the software maker’s stock worth $3,557,000 after purchasing an additional 27,334 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Progress Software by 11.8% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 26,634 shares of the software maker’s stock worth $1,286,000 after purchasing an additional 2,808 shares in the last quarter. Hedge funds and other institutional investors own 99.46% of the company’s stock.
A number of brokerages have recently commented on PRGS. Zacks Investment Research raised Progress Software from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Thursday, April 7th. StockNews.com began coverage on Progress Software in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock. Finally, Citigroup lifted their price target on Progress Software from $48.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, March 30th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Progress Software presently has a consensus rating of “Buy” and an average target price of $56.00.
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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