April 13, 2021

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Progress Software Target of Unusually Large Options Trading (NASDAQ:PRGS)


Progress Software Co. (NASDAQ:PRGS) was the target of some unusual options trading activity on Thursday. Stock traders acquired 1,838 call options on the company. This represents an increase of 3,069% compared to the average daily volume of 58 call options.

A number of research firms recently weighed in on PRGS. Zacks Investment Research upgraded shares of Progress Software from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, October 27th. Wedbush lifted their price objective on shares of Progress Software from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday.

NASDAQ PRGS opened at $44.14 on Friday. Progress Software has a 52-week low of $28.09 and a 52-week high of $52.50. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market capitalization of $1.99 billion, a P/E ratio of 35.31 and a beta of 1.02. The company has a fifty day moving average of $43.64 and a 200-day moving average of $38.92.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Wednesday, January 13th. The software maker reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.13. The company had revenue of $129.06 million during the quarter, compared to the consensus estimate of $118.77 million. Progress Software had a net margin of 13.12% and a return on equity of 33.98%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.79 EPS. As a group, analysts forecast that Progress Software will post 2.55 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Shareholders of record on Monday, March 1st will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.59%. Progress Software’s payout ratio is 30.57%.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Progress Software by 0.4% in the third quarter. BlackRock Inc. now owns 6,916,176 shares of the software maker’s stock worth $253,687,000 after purchasing an additional 24,358 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in Progress Software by 65.0% during the third quarter. Segall Bryant & Hamill LLC now owns 1,394,028 shares of the software maker’s stock valued at $51,133,000 after acquiring an additional 549,303 shares during the last quarter. Boston Trust Walden Corp increased its position in Progress Software by 17.2% during the third quarter. Boston Trust Walden Corp now owns 1,121,166 shares of the software maker’s stock valued at $41,124,000 after acquiring an additional 164,263 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in Progress Software by 23.6% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 827,268 shares of the software maker’s stock valued at $30,344,000 after purchasing an additional 157,999 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Progress Software by 2.1% during the second quarter. Nuveen Asset Management LLC now owns 788,531 shares of the software maker’s stock valued at $30,555,000 after purchasing an additional 16,348 shares during the period. Hedge funds and other institutional investors own 92.88% of the company’s stock.

Progress Software Company Profile

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; WhatsUp Gold, a network monitoring solution; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.

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