Progress Software (NASDAQ:PRGS) Stock Rating Lowered by StockNews.com

StockNews.com lowered shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reduced their price target on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. Jefferies Financial Group reduced their price target on Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research report on Wednesday. Oppenheimer reaffirmed an outperform rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday. Guggenheim reaffirmed a buy rating and issued a $64.00 price target on shares of Progress Software in a research report on Tuesday, June 25th. Finally, DA Davidson reaffirmed a buy rating and issued a $65.00 price target on shares of Progress Software in a research report on Wednesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $63.14.

Progress Software Price Performance

PRGS opened at $54.26 on Wednesday. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 7.05 and a beta of 0.93. Progress Software has a 1 year low of $48.00 and a 1 year high of $62.34. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The stock has a fifty day moving average price of $50.61 and a 200 day moving average price of $53.00.

Progress Software Dividend Announcement

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 given a dividend of $0.175 per share. The ex-dividend date is Friday, August 30th. This represents a $0.70 annualized dividend and a dividend yield of 1.29%. Progress Software’s dividend payout ratio is presently 42.68%.

Insider Buying and Selling

In related news, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value of $29,135.76. Following the transaction, the executive vice president now owns 17,195 shares in the company, valued at $857,858.55. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,761 shares of company stock valued at $2,841,941. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GHP Investment Advisors Inc. grew its stake in shares of Progress Software by 116.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock valued at $3,319,000 after purchasing an additional 32,871 shares during the period. Bahl & Gaynor Inc. grew its position in Progress Software by 2.7% during the 4th quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock worth $1,664,000 after acquiring an additional 813 shares during the last quarter. Boston Trust Walden Corp grew its position in Progress Software by 2.0% during the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock worth $92,369,000 after acquiring an additional 33,289 shares during the last quarter. Van Hulzen Asset Management LLC grew its position in Progress Software by 4.0% during the 4th quarter. Van Hulzen Asset Management LLC now owns 17,365 shares of the software maker’s stock worth $943,000 after acquiring an additional 665 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Progress Software by 197.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock worth $7,213,000 after acquiring an additional 88,175 shares during the last quarter.

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.