Fintel reports that Wedbush reiterated coverage of Progress Software (NASDAQ:PRGS) on September 19, 2023 with a Surpass recommendation.
Analyst Price Forecast Suggests Up 15.44%
As of August 31, 2023, the average one-year price target for Progress Software is 65.79. Forecasts range from a low of 60.60 to a high of $73.50. The average price target represents an upside of 15.44% from the last reported closing price of 56.99.
Check out our ranking of companies with the largest price targets.
Projected annual revenue for Progress Software is 642 million, down 1.29%. The expected annual non-GAAP earnings per share is 4.42.
Progress Software declares dividend of $0.18
On June 29, 2023, the company declared a regular quarterly dividend of $0.18 per share ($0.70 annualized). Shareholders of record on September 1, 2023 received the payment on September 15, 2023. Previously, the company paid $0.18 per share.
At the current share price of $56.99 per share, the stock’s dividend yield is 1.23%.
If we look back five years and sample each week, the average dividend yield is 1.55%, the lowest is 1.13% and the highest is 2.19%. The standard deviation of the returns is 0.20 (n=236).
The current dividend yield is 1.58 standard deviations below the historical average.
Furthermore, the company’s dividend payout ratio stands at 0.37. The payout ratio tells us how much of a company’s earnings are paid out in dividends. A payout ratio of one (1.0) means that 100% of the company’s earnings are paid out as dividends. A payout ratio greater than one means the company is tapping savings to maintain its dividend – not a healthy situation. Companies with poor growth prospects are expected to pay out the majority of their earnings in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some of their profits to invest in those growth prospects, which translates into a payout ratio of zero to 0.5.
The company’s three-year dividend growth rate is 0.06%, which shows that it has increased its dividend over time.
What is the fund sentiment?
There are 626 funds or institutions that report positions in Progress Software. This is an increase of 14 owner(s) or 2.29% in the past quarter. Average portfolio weight of all funds dedicated to PRGS is 0.22%, down from 8.58%. The total number of shares held by institutions fell by 0.60% over the past three months to 54,680,000 shares. 
PRGS’ put/call ratio is 5.39, indicating a bearish outlook.
What are other shareholders doing?
IJR – iShares Core S&P Small-Cap ETF owns 3,024,000 shares, representing 6.97% of the company’s shares. In the previous filing, the company reported that it owned 3,162,000 shares, which amounts to a decrease of 4.55%. The firm decreased its portfolio allocation in PRGS by 6.33% over the last quarter.
Boston Trust Walden owns 1,598,000 shares, representing an ownership of 3.69% of the company. In the previous filing, the company reported that it owned 1,665,000 shares, which amounts to a decrease of 4.21%. The firm decreased its portfolio allocation in PRGS by 7.61% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares owns 1,360,000 shares representing 3.14% of the company’s ownership. In the previous filing, the company reported that it owned 1,356,000 shares, which amounts to an increase of 0.29%. The firm decreased its portfolio allocation in PRGS by 6.42% over the last quarter.
Fuller & Thaler Asset Management owns 1,190,000 shares, representing 2.74% of the company’s shares. In the previous filing, the company reported that it owned 1,188,000 shares, which amounts to an increase of 0.19%. The firm decreased its portfolio allocation in PRGS by 0.18% over the last quarter.
Wellington Management Group Llp owns 1,151,000 shares representing 2.66% of the company’s shares. In the previous filing, the company reported that it owned 1,481,000 shares, which amounts to a decrease of 28.66%. The firm decreased its portfolio allocation in PRGS by 24.99% over the last quarter.
Background information about Progress software
(This description is provided by the company.)
Progress offers the best products for developing, implementing and managing powerful business applications. The extensive product stack is designed to make technology teams more productive and has a deep commitment to the developer community, both open source and commercial. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure, driving competitive differentiation and business success. More than 1,700 independent software vendors, more than 100,000 enterprise customers and a developer community of more than three million people trust Progress to power their applications.
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