Progress Software (NASDAQ:PRGS) Earns Outperform Rating from Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note published on Wednesday, Benzinga reports. They currently have a $66.00 price target on the software maker’s stock.

Several other analysts also recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research note on Wednesday, March 27th. DA Davidson reissued a buy rating and issued a $65.00 price target on shares of Progress Software in a research note on Wednesday. StockNews.com raised shares of Progress Software from a buy rating to a strong-buy rating in a research note on Wednesday, April 10th. Jefferies Financial Group decreased their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday. Finally, Guggenheim restated a buy rating and issued a $64.00 price objective on shares of Progress Software in a research report on Tuesday, June 25th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $63.14.

Progress Software Stock Performance

Progress Software stock opened at $54.26 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The company has a market capitalization of $2.35 billion, a PE ratio of 33.09, a P/E/G ratio of 7.05 and a beta of 0.93. The firm has a fifty day simple moving average of $50.61 and a two-hundred day simple moving average of $53.00. Progress Software has a twelve month low of $48.00 and a twelve month high of $62.34.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Friday, August 30th. Progress Software’s dividend payout ratio is currently 42.68%.

Insider Activity at Progress Software

In related news, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated 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 owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director David Krall sold 20,000 shares of the business’s stock in a transaction dated 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 owns 86,641 shares in the company, valued at $4,418,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock worth $2,841,941 over the last 90 days. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kendall Capital Management grew its holdings in Progress Software by 1.4% in the fourth quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after purchasing an additional 195 shares during the period. Blue Trust Inc. grew its holdings in Progress Software by 24.1% in the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after purchasing an additional 239 shares during the period. Illinois Municipal Retirement Fund grew its holdings in Progress Software by 1.2% in the fourth quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after purchasing an additional 302 shares during the period. US Bancorp DE grew its holdings in Progress Software by 2.2% in the fourth quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after purchasing an additional 404 shares during the period. Finally, GAMMA Investing LLC bought a new position in shares of Progress Software in the fourth quarter worth approximately $28,000.

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.