Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Progress Software from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research report on Friday, July 5th. Benchmark raised Progress Software from a hold rating to a buy rating and set a $49.00 price objective on the stock in a research report on Wednesday, July 17th. National Securities set a $50.00 price objective on Progress Software and gave the company a buy rating in a research report on Friday, June 28th. Wedbush raised Progress Software from a neutral rating to an outperform rating and raised their price objective for the company from $44.00 to $52.00 in a research report on Friday, July 26th. Finally, ValuEngine downgraded Progress Software from a buy rating to a hold rating in a research report on Monday, June 3rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $49.25.
Shares of PRGS traded down $1.13 during midday trading on Thursday, reaching $39.61. 17,911 shares of the stock were exchanged, compared to its average volume of 230,824. Progress Software has a 52 week low of $30.23 and a 52 week high of $47.60. The company’s 50 day moving average is $39.63 and its two-hundred day moving average is $41.09. The company has a market capitalization of $1.79 billion, a P/E ratio of 18.60 and a beta of 0.81. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.92.
The business 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 $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, August 29th. Progress Software’s payout ratio is currently 29.11%.
A number of hedge funds have recently modified their holdings of PRGS. Marshall Wace North America L.P. purchased a new stake in Progress Software in the first quarter valued at about $28,000. Harvest Fund Management Co. Ltd purchased a new stake in Progress Software in the second quarter valued at about $38,000. Ropes Wealth Advisors LLC purchased a new stake in Progress Software in the second quarter valued at about $44,000. Royal Bank of Canada raised its stake in Progress Software by 30.9% in the second quarter. Royal Bank of Canada now owns 1,329 shares of the software maker’s stock valued at $58,000 after buying an additional 314 shares during the last quarter. Finally, Advisors Preferred LLC purchased a new stake in Progress Software in the second quarter valued at about $114,000. 92.69% of the stock is currently owned by institutional investors.
About Progress Software
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
See Also: What is a put option?
Receive News & Ratings for Progress Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progress Software and related companies with MarketBeat.com's FREE daily email newsletter.