Progress Software Co. (NASDAQ:PRGS – Get Rating)’s share price dropped 8.4% during trading on Wednesday after Oppenheimer lowered their price target on the stock from $60.00 to $53.00. Oppenheimer currently has an outperform rating on the stock. Progress Software traded as low as $44.70 and last traded at $44.70. Approximately 14,475 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 330,008 shares. The stock had previously closed at $48.80.
Several other equities analysts have also issued reports on the company. Citigroup boosted 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. StockNews.com assumed coverage on Progress Software in a research note on Thursday, March 31st. They set a “strong-buy” rating on the stock.
In other Progress Software news, EVP John Ainsworth sold 5,122 shares of Progress Software stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $48.14, for a total transaction of $246,573.08. Following the sale, the executive vice president now directly owns 32,821 shares of the company’s stock, valued at $1,580,002.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction that occurred on Thursday, April 21st. The shares were sold at an average price of $50.20, for a total value of $251,000.00. Following the sale, the chief executive officer now directly owns 90,000 shares in the company, valued at $4,518,000. The disclosure for this sale can be found here. Insiders have sold 21,878 shares of company stock worth $1,051,308 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in Progress Software by 5.4% during the first quarter. Bank of America Corp DE now owns 336,788 shares of the software maker’s stock valued at $15,858,000 after purchasing an additional 17,192 shares in the last quarter. Rice Hall James & Associates LLC boosted its holdings in shares of Progress Software by 38.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 214,875 shares of the software maker’s stock worth $10,118,000 after acquiring an additional 60,103 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its holdings in shares of Progress Software by 3.2% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 79,500 shares of the software maker’s stock worth $3,744,000 after acquiring an additional 2,500 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Progress Software by 6.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 518,754 shares of the software maker’s stock worth $24,428,000 after acquiring an additional 33,631 shares in the last quarter. Finally, Van Hulzen Asset Management LLC boosted its holdings in shares of Progress Software by 14.1% in the 1st quarter. Van Hulzen Asset Management LLC now owns 8,269 shares of the software maker’s stock worth $389,000 after acquiring an additional 1,019 shares in the last quarter. 99.46% of the stock is currently owned by institutional investors.
The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 7.47 and a beta of 1.07. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.67. The firm has a fifty day moving average price of $47.79 and a 200 day moving average price of $46.45.
Progress Software (NASDAQ:PRGS – Get Rating) last announced its earnings results on Tuesday, June 28th. The software maker reported $1.04 EPS for the quarter, topping the consensus estimate of $0.95 by $0.09. The business had revenue of $148.70 million for the quarter, compared to the consensus estimate of $146.45 million. Progress Software had a return on equity of 39.08% and a net margin of 14.40%. Progress Software’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. As a group, equities analysts predict that Progress Software Co. will post 3.45 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, August 31st. Progress Software’s dividend payout ratio is 39.11%.
About Progress Software (NASDAQ:PRGS)
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.