Progress Software Corporation (PRGS) Stock Could Soon Reward Patient Investors

Progress Software Corporation (NASDAQ: PRGS) is -11.70% lower on its value in year-to-date trading and has touched a low of $28.09 and a high of $52.50 in the current 52-week trading range. The PRGS stock was last observed hovering at around $36.69 in the last trading session, with the day’s gains setting it 1.12% off its average median price target of $42.00 for the next 12 months. It is also 27.29% off the consensus price target high of $52.00 offered by 3 analysts, but current levels are 3.05% higher than the price target low of $39.00 for the same period.

Currently trading at $37.81, the stock is -4.66% and -2.34% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 0.75 million and changing 3.05% at the moment leaves the stock -4.83% off its SMA200. PRGS registered -7.04% loss for a year compared to 6-month loss of -12.22%. The firm has a 50-day simple moving average (SMA 50) of $38.92 and a 200-day simple moving average (SMA200) of $39.48.

The stock witnessed a -8.25% gain in the last 1 month and extending the period to 3 months gives it a 10.38%, and is -4.73% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 3.40% over the week and 3.39% over the month.

Progress Software Corporation (PRGS) has around 1538 employees, a market worth around $1.69B and $433.40M in sales. Current P/E ratio is 43.78 and Fwd P/E is 13.06. Profit margin for the company is 8.80%. Distance from 52-week low is 34.60% and -27.98% from its 52-week high. The company has generated returns on investments over the last 12 months (6.10%).

Progress Software Corporation (PRGS) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Progress Software Corporation (PRGS) is a “Buy”. 3 analysts offering their recommendations for the stock have an average rating of 1.30, where 0 rate it as a Hold and 0 think it is a “Overweight”. 3 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Progress Software Corporation is expected to release its quarterly report on 06/25/2020 and quarterly earnings per share for the current quarter are estimated at $0.62 with sales reaching $98.33M over the same period.The EPS is expected to shrink by -44.00% this year, but quarterly earnings will post -0.30% year-over-year.

Progress Software Corporation (PRGS) Top Institutional Holders

340 institutions hold shares in Progress Software Corporation (PRGS), with 504.76k shares held by insiders accounting for 1.13% while institutional investors hold 97.24% of the company’s shares. The shares outstanding are 44.90M, and float is at 44.28M with Short Float at 1.88%. Institutions hold 96.14% of the Float.

The top institutional shareholder in the company is Blackrock Inc. with over 6.67 million shares valued at $213.31 million. The investor’s holdings represent 14.88% of the PRGS Shares outstanding. As of Mar 30, 2020, the second largest holder is Vanguard Group, Inc. (The) with 4.92 million shares valued at $157.36 million to account for 10.98% of the shares outstanding. The other top investors are Renaissance Technologies, LLC which holds 2.4 million shares representing 5.36% and valued at over $76.75 million, while Dimensional Fund Advisors LP holds 3.83% of the shares totaling 1.72 million with a market value of $54.88 million.

Progress Software Corporation (PRGS) Insider Activity

A total of 67 insider transactions have happened at Progress Software Corporation (PRGS) in the last six months, with sales accounting for 34 and purchases happening 33 times. The most recent transaction is an insider sale by Jarrett Loren, the company’s General Manager, DevTools. SEC filings show that Jarrett Loren sold 7,084 shares of the company’s common stock on Feb 12 at a price of $45.11 per share for a total of $0.32 million. Following the sale, the insider now owns 9479.0 shares.

Progress Software Corporation disclosed in a document filed with the SEC on Feb 07 that Kane Charles Francis (Director) sold a total of 7,500 shares of the company’s common stock. The trade occurred on Feb 07 and was made at $44.91 per share for $0.34 million. Following the transaction, the insider now directly holds 78243.0 shares of the PRGS stock.

Still, SEC filings show that on Jan 29, Jalbert Paul A (Chief Financial Officer) disposed off 12,209 shares at an average price of $46.35 for $0.57 million. The insider now directly holds 21,198 shares of Progress Software Corporation (PRGS).

Progress Software Corporation (PRGS): Who are the competitors?

The company’s main competitors (and peers) include Oracle Corporation (ORCL) that is trading -2.91% down over the past 12 months. International Business Machines Corporation (IBM) is -15.86% down on the 1-year trading charts. Short interest in the company’s stock has fallen -14.93% from the last report on May 14, 2020 to stand at a total of 0.79 million short shares sold with a short interest ratio of 2.29.