Progress Software (NASDAQ:PRGS) Shares Gap Down to $46.20

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Progress Software Co. (NASDAQ:PRGS)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $46.20, but opened at $44.25. Progress Software shares last traded at $43.72, with a volume of 2,504 shares traded.

Several analysts recently weighed in on the company. Wedbush upped their price target on Progress Software from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, January 15th. Zacks Investment Research upgraded Progress Software from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Thursday, April 1st.

The firm has a 50 day simple moving average of $44.16 and a 200 day simple moving average of $41.78. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.97 billion, a PE ratio of 26.40 and a beta of 1.12.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Wednesday, March 24th. The software maker reported $0.95 EPS for the quarter, beating the consensus estimate of $0.75 by $0.20. The business had revenue of $131.78 million for the quarter, compared to the consensus estimate of $121.39 million. Progress Software had a return on equity of 33.98% and a net margin of 13.12%. The company’s revenue was up 15.8% compared to the same quarter last year. During the same period last year, the business posted $0.76 EPS. Research analysts forecast that Progress Software Co. will post 2.9 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Tuesday, June 1st will be paid a $0.175 dividend. The ex-dividend date of this dividend is Friday, May 28th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.57%. Progress Software’s dividend payout ratio (DPR) is currently 26.12%.

Hedge funds have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. purchased a new position in shares of Progress Software in the 1st quarter worth $28,000. Vantage Consulting Group Inc purchased a new position in shares of Progress Software in the 4th quarter worth $48,000. Veriti Management LLC bought a new position in Progress Software in the 4th quarter worth $68,000. Amundi Pioneer Asset Management Inc. bought a new position in Progress Software in the 1st quarter worth $164,000. Finally, Wedge Capital Management L L P NC bought a new position in Progress Software in the 4th quarter worth $224,000. Hedge funds and other institutional investors own 88.93% of the company’s stock.

About Progress Software (NASDAQ:PRGS)

Progress Software Corporation develops business applications. The company 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; Progress Kinvey, a platform for building enterprise applications; MOVEit that provides secure collaboration and automated file transfers of critical business information; and WhatsUp Gold, a network monitoring solution.

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