Progress Software (PRGS) Upgraded to Hold at ValuEngine
ValuEngine upgraded shares of Progress Software (NASDAQ:PRGS) from a sell rating to a hold rating in a research note released on Thursday.
Several other brokerages have also recently commented on PRGS. BidaskClub raised shares of Progress Software from a sell rating to a hold rating in a research note on Saturday, August 25th. Zacks Investment Research cut shares of Progress Software from a buy rating to a hold rating in a research note on Wednesday, August 29th. Finally, Wedbush reaffirmed a neutral rating and set a $38.00 price objective on shares of Progress Software in a research note on Friday, November 16th. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $39.00.
Shares of PRGS traded up $0.27 during trading hours on Thursday, reaching $34.73. 4,439 shares of the stock traded hands, compared to its average volume of 319,799. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. Progress Software has a 52 week low of $30.23 and a 52 week high of $53.60. The firm has a market capitalization of $1.53 billion, a P/E ratio of 20.19 and a beta of 0.90.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.62 annualized dividend and a yield of 1.79%. This is a boost from Progress Software’s previous quarterly dividend of $0.14. Progress Software’s payout ratio is currently 36.05%.
In other Progress Software news, insider Dimitre Taslakov sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $35.00, for a total value of $70,000.00. Following the completion of the transaction, the insider now owns 43,431 shares of the company’s stock, valued at approximately $1,520,085. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.50% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in PRGS. Itau Unibanco Holding S.A. purchased a new position in Progress Software in the 2nd quarter worth approximately $140,000. Harvest Fund Management Co. Ltd purchased a new position in Progress Software in the 3rd quarter worth approximately $146,000. Charter Trust Co. purchased a new position in Progress Software in the 2nd quarter worth approximately $200,000. Ifrah Financial Services Inc. purchased a new position in Progress Software in the 3rd quarter worth approximately $213,000. Finally, Pacer Advisors Inc. grew its stake in Progress Software by 189.0% in the 3rd quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock worth $218,000 after buying an additional 4,047 shares in the last quarter. 92.46% of the stock is owned by institutional investors and hedge funds.
Progress Software Company Profile
Progress Software Corporation provides software solutions for various industries worldwide. It operates through 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; DataRPM, which provides maintenance solutions for industrial IoT; and Kinvey that offers cloud backend as a service technology.
Featured Story: Growth Stocks, What They Are, What They Are Not
To view ValuEngine’s full report, visit ValuEngine’s official website.
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.