Progress Software (NASDAQ:PRGS) Given New $63.00 Price Target at JPMorgan Chase & Co.

Progress Software (NASDAQ:PRGS) had its price objective trimmed by JPMorgan Chase & Co. from $65.00 to $63.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

PRGS has been the subject of a number of other reports. Wedbush increased their target price on Progress Software from $65.00 to $67.00 and gave the company an outperform rating in a research report on Friday, February 23rd. Oppenheimer reiterated an outperform rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $64.40.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $52.63 on Wednesday. The company has a market capitalization of $2.31 billion, a P/E ratio of 33.74, a P/E/G ratio of 6.95 and a beta of 0.95. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day simple moving average is $55.29 and its two-hundred day simple moving average is $54.21. Progress Software has a 1-year low of $49.02 and a 1-year high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 37.42% and a net margin of 10.11%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter last year, the business posted $1.01 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. Research analysts expect that Progress Software will post 3.79 EPS for the current fiscal year.

Progress Software Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, February 29th. Progress Software’s dividend payout ratio is currently 44.87%.

Insider Transactions at Progress Software

In related news, EVP Sundar Subramanian sold 5,799 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $52.58, for a total transaction of $304,911.42. Following the transaction, the executive vice president now directly owns 15,399 shares in the company, valued at approximately $809,679.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 5,799 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $52.58, for a total value of $304,911.42. Following the completion of the sale, the executive vice president now owns 15,399 shares of the company’s stock, valued at $809,679.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $57.41, for a total value of $430,575.00. Following the transaction, the chief financial officer now directly owns 37,046 shares in the company, valued at approximately $2,126,810.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,998 shares of company stock worth $4,651,992. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC bought a new position in shares of Progress Software in the fourth quarter worth about $28,000. Headlands Technologies LLC purchased a new position in shares of Progress Software during the third quarter worth approximately $40,000. Orion Capital Management LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $41,000. Clear Street Markets LLC purchased a new stake in shares of Progress Software in the third quarter valued at approximately $50,000. Finally, Federated Hermes Inc. grew its stake in Progress Software by 46.7% in the third quarter. Federated Hermes Inc. now owns 1,165 shares of the software maker’s stock worth $50,000 after purchasing an additional 371 shares in 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.