Progress Software (NASDAQ:PRGS) Sees Large Volume Increase

Progress Software Co. (NASDAQ:PRGS - Get Free Report) saw unusually-high trading volume on Friday . Approximately 420,608 shares traded hands during mid-day trading, a decline of 23% from the previous session's volume of 543,957 shares.The stock last traded at $50.76 and had previously closed at $50.82.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, April 10th. DA Davidson initiated coverage on Progress Software in a research report on Thursday, March 28th. They set a "buy" rating and a $65.00 price objective for the company. Oppenheimer reiterated an "outperform" rating and issued a $66.00 price target on shares of Progress Software in a report on Wednesday, March 27th. Wedbush boosted their price objective on shares of Progress Software from $65.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. lowered their price objective 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. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Progress Software has a consensus rating of "Buy" and a consensus target price of $64.60.

Progress Software Stock Up 0.3 %

The firm's 50 day simple moving average is $51.83 and its 200 day simple moving average is $53.53. The company has a market cap of $2.20 billion, a price-to-earnings ratio of 33.00, a price-to-earnings-growth ratio of 6.57 and a beta of 0.95. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to analysts' expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. The business's revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $1.01 earnings per share. Sell-side analysts anticipate that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Progress Software Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.37%. The ex-dividend date is Monday, June 3rd. Progress Software's payout ratio is 45.45%.

Insiders Place Their Bets

In other Progress Software news, insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Krall sold 20,000 shares of Progress Software stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the completion of the transaction, the director now owns 86,641 shares in the company, valued at approximately $4,418,691. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,162 shares of company stock worth $1,393,519. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new position in Progress Software in the fourth quarter valued at about $28,000. Headlands Technologies LLC acquired a new position in Progress Software in the third quarter valued at approximately $40,000. Orion Capital Management LLC acquired a new position in Progress Software in the third quarter valued at approximately $41,000. Clear Street Markets LLC acquired a new position in Progress Software in the third quarter valued at approximately $50,000. Finally, Blue Trust Inc. increased its stake in Progress Software by 24.1% in the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker's stock valued at $65,000 after purchasing an additional 239 shares in the last quarter.

About Progress Software

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.

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