Progress Software Co. (NASDAQ:PRGS)’s share price gapped down prior to trading on Friday . The stock had previously closed at $34.20, but opened at $38.81. Progress Software shares last traded at $40.35, with a volume of 754399 shares trading hands.
PRGS has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. ValuEngine lowered shares of Progress Software from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Benchmark reissued a “buy” rating and issued a $47.00 price target (up previously from $42.00) on shares of Progress Software in a research report on Tuesday, January 2nd. Finally, BidaskClub lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $46.33.
The stock has a market capitalization of $1,800.28, a PE ratio of 52.44 and a beta of 0.75. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.31.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, February 28th. Progress Software’s dividend payout ratio (DPR) is currently 72.73%.
A number of hedge funds have recently made changes to their positions in PRGS. RWC Asset Management LLP bought a new position in Progress Software during the third quarter worth $11,451,000. Renaissance Technologies LLC increased its position in Progress Software by 43.2% during the fourth quarter. Renaissance Technologies LLC now owns 988,000 shares of the software maker’s stock worth $42,059,000 after acquiring an additional 298,000 shares during the period. Prudential Financial Inc. increased its position in Progress Software by 149.5% during the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock worth $18,513,000 after acquiring an additional 290,630 shares during the period. Skandinaviska Enskilda Banken AB publ bought a new position in Progress Software during the third quarter worth $5,061,000. Finally, Mackenzie Financial Corp bought a new position in Progress Software during the third quarter worth $4,999,000. 91.43% of the stock is currently owned by institutional investors and hedge funds.
Progress Software Company Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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