Progress Software Corp (NASDAQ:PRGS) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 599,400 shares, a drop of 37.7% from the August 15th total of 962,500 shares. Currently, 1.4% of the company’s shares are sold short. Based on an average trading volume of 319,500 shares, the days-to-cover ratio is currently 1.9 days.
A number of equities analysts recently commented on PRGS shares. Benchmark raised their target price on Progress Software from $39.00 to $43.00 and gave the company a “buy” rating in a report on Friday, June 26th. Wedbush restated an “outperform” rating and set a $45.00 target price on shares of Progress Software in a report on Wednesday, August 26th. ValuEngine cut Progress Software from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. BidaskClub lowered Progress Software from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Finally, Zacks Investment Research raised Progress Software from a “hold” rating to a “strong-buy” rating and set a $42.00 price target on the stock in a research report on Friday, September 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.75.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornercap Investment Counsel Inc. increased its position in Progress Software by 1.2% during the first quarter. Cornercap Investment Counsel Inc. now owns 27,678 shares of the software maker’s stock worth $886,000 after buying an additional 338 shares during the period. Mutual of America Capital Management LLC grew its stake in shares of Progress Software by 8.9% in the 1st quarter. Mutual of America Capital Management LLC now owns 4,678 shares of the software maker’s stock valued at $150,000 after purchasing an additional 382 shares during the last quarter. Private Capital Group LLC grew its stake in shares of Progress Software by 71.7% in the 1st quarter. Private Capital Group LLC now owns 924 shares of the software maker’s stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Progress Software in the 1st quarter valued at approximately $28,000. Finally, US Bancorp DE grew its stake in shares of Progress Software by 2.5% in the 1st quarter. US Bancorp DE now owns 27,860 shares of the software maker’s stock valued at $892,000 after purchasing an additional 691 shares during the last quarter. 92.88% of the stock is currently owned by institutional investors.
Shares of NASDAQ PRGS traded up $0.03 during midday trading on Wednesday, hitting $35.69. 7,036 shares of the company’s stock were exchanged, compared to its average volume of 381,355. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.29 and a quick ratio of 1.29. Progress Software has a twelve month low of $28.09 and a twelve month high of $52.50. The company has a market cap of $1.60 billion, a PE ratio of 34.96 and a beta of 1.03. The firm’s fifty day simple moving average is $36.46 and its 200-day simple moving average is $36.60.
Progress Software (NASDAQ:PRGS) last issued its earnings results on Thursday, June 25th. The software maker reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). Progress Software had a return on equity of 34.66% and a net margin of 10.81%. The business had revenue of $102.51 million for the quarter, compared to analyst estimates of $99.17 million. During the same period last year, the business posted $0.65 EPS. Progress Software’s revenue was down .9% on a year-over-year basis. Equities analysts anticipate that Progress Software will post 2.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend was Monday, August 31st. Progress Software’s dividend payout ratio (DPR) is 28.82%.
Progress Software Company Profile
Progress Software Corporation develops business applications worldwide. The company operates in 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; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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