Progress Software - PRGS Stock Forecast, Price & News

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. It also offers DataDirect Connect, which provides data connectivity using industry-standard interfaces to connect applications running on various platforms; MOVEit that offers secure collaboration and automated file transfers of critical business information; Chef, an infrastructure automation platform to build, deploy, manage, and secure applications in multi-cloud and hybrid environments, and on-premises; and WhatsUp Gold, a network monitoring solution. In addition, the company provides Kemp LoadMaster, a load balancing solutions; and Kemp Flowmon network performance monitoring and diagnostic solutions that collect and analyze network telemetry from various sources. Further, it provides project management, implementation, custom development, programming, and other services, as well as web-enable applications; and training services. The company sells its products to end users, independent software vendors, original equipment manufacturers, and system integrators. It has operations in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 1981 and is headquartered in Burlington, Massachusetts.

Progress Software Stock Up 3.6 %

Shares of PRGS Stock opened at $49.58 on Friday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 23.06, a PEG ratio of 6.90 and a beta of 1.02. Progress Software has a one year low of $41.68 and a one year high of $53.99. The company's fifty day moving average price is $46.84 and its 200-day moving average price is $46.30. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.25 and a quick ratio of 1.25.

Progress Software (NASDAQ:PRGS - Get Rating) last announced its quarterly earnings data on Tuesday, June 28th. The software maker reported $0.87 EPS for the quarter, beating the consensus estimate of $0.80 by $0.07. The firm had revenue of $148.70 million for the quarter, compared to the consensus estimate of $146.45 million. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The company's revenue was up 15.1% on a year-over-year basis. During the same period last year, the firm earned $0.67 EPS. Sell-side analysts expect that Progress Software will post 3.47 EPS for the current fiscal year.

Progress Software Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.175 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.70 dividend on an annualized basis and a yield of 1.41%. Progress Software's dividend payout ratio is currently 32.56%.

Analyst Ratings Changes

PRGS has been the topic of several research reports. Wedbush restated an "outperform" rating on shares of Progress Software in a report on Wednesday, June 29th. Guggenheim initiated coverage on shares of Progress Software in a research note on Friday. They set a "buy" rating and a $60.00 price target on the stock. Finally, Oppenheimer dropped their price target on shares of Progress Software from $60.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 29th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $56.25.

Insider Buying and Selling at Progress Software

In other Progress Software news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $46.58, for a total value of $232,900.00. Following the sale, the chief executive officer now directly owns 75,000 shares in the company, valued at approximately $3,493,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.20% of the stock is currently owned by insiders.