Wedbush Reiterates “Outperform” Rating for Progress Software (NASDAQ:PRGS)

Wedbush reissued their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note published on Tuesday morning, Benzinga reports. Wedbush currently has a $68.00 price target on the software maker’s stock.

Several other analysts have also recently commented on the company. StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. DA Davidson restated a buy rating and issued a $65.00 price objective on shares of Progress Software in a research report on Tuesday. Oppenheimer reiterated an outperform rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a report on Wednesday, June 26th. Finally, Guggenheim reaffirmed a buy rating and set a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progress Software currently has an average rating of Moderate Buy and a consensus target price of $63.50.

Progress Software Trading Up 0.1 %

Shares of Progress Software stock opened at $57.27 on Tuesday. Progress Software has a 12-month low of $48.00 and a 12-month high of $60.33. The stock has a market capitalization of $2.45 billion, a P/E ratio of 34.92, a price-to-earnings-growth ratio of 7.38 and a beta of 0.91. The company has a 50-day simple moving average of $56.68 and a 200 day simple moving average of $53.31. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.13. The company had revenue of $175.08 million during the quarter, compared to analyst estimates of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Research analysts expect that Progress Software will post 3.91 earnings per share for the current fiscal year.

Progress Software Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be issued a $0.175 dividend. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a yield of 1.22%. Progress Software’s dividend payout ratio is currently 42.68%.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Ian Pitt sold 584 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Hedge funds have recently modified their holdings of the company. Delphi Management Inc. MA increased its stake in Progress Software by 40.8% in the second quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock valued at $1,708,000 after purchasing an additional 9,127 shares in the last quarter. Creative Planning grew its holdings in shares of Progress Software by 50.9% in the 2nd quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after buying an additional 2,183 shares during the period. Algert Global LLC acquired a new position in shares of Progress Software in the 2nd quarter valued at $236,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Progress Software in the 2nd quarter valued at $1,540,000. Finally, Mackenzie Financial Corp acquired a new stake in Progress Software during the 2nd quarter worth $1,378,000.

Progress Software Company Profile

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.