Fintel reports that on September 19, 2023, Wedbush reiterated coverage of Progress Software (NASDAQ:PRGS) with a Outperform recommendation.
Analyst Price Forecast Suggests 15.44% Upside
As of August 31, 2023, the average one-year price target for Progress Software is 65.79. The forecasts range from a low of 60.60 to a high of $73.50. The average price target represents an increase of 15.44% from its latest reported closing price of 56.99.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Progress Software is 642MM, a decrease of 1.29%. The projected annual non-GAAP EPS is 4.42.
Progress Software Declares $0.18 Dividend
On June 29, 2023 the company declared a regular quarterly dividend of $0.18 per share ($0.70 annualized). Shareholders of record as of 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 / share, the stock's dividend yield is 1.23%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.55%, the lowest has been 1.13%, and the highest has been 2.19%. The standard deviation of yields is 0.20 (n=236).
The current dividend yield is 1.58 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.37. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.06%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 626 funds or institutions reporting positions in Progress Software. This is an increase of 14 owner(s) or 2.29% in the last quarter. Average portfolio weight of all funds dedicated to PRGS is 0.22%, a decrease of 8.58%. Total shares owned by institutions decreased in the last three months by 0.60% to 54,680K shares. 
The put/call ratio of PRGS is 5.39, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 3,024K shares representing 6.97% ownership of the company. In it's prior filing, the firm reported owning 3,162K shares, representing a decrease of 4.55%. The firm decreased its portfolio allocation in PRGS by 6.33% over the last quarter.
Boston Trust Walden holds 1,598K shares representing 3.69% ownership of the company. In it's prior filing, the firm reported owning 1,665K shares, representing 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 holds 1,360K shares representing 3.14% ownership of the company. In it's prior filing, the firm reported owning 1,356K shares, representing an increase of 0.29%. The firm decreased its portfolio allocation in PRGS by 6.42% over the last quarter.
Fuller & Thaler Asset Management holds 1,190K shares representing 2.74% ownership of the company. In it's prior filing, the firm reported owning 1,188K shares, representing an increase of 0.19%. The firm decreased its portfolio allocation in PRGS by 0.18% over the last quarter.
Wellington Management Group Llp holds 1,151K shares representing 2.66% ownership of the company. In it's prior filing, the firm reported owning 1,481K shares, representing a decrease of 28.66%. The firm decreased its portfolio allocation in PRGS by 24.99% over the last quarter.
Progress Software Background Information
(This description is provided by the company.)
Progress provides the best products to develop, deploy and manage high-impact business applications. Its comprehensive product stack is designed to make technology teams more productive and it has a deep commitment to the developer community, both open source and commercial alike. 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-leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000+ enterprise customers, and a three-million-strong developer community rely on Progress to power their applications.
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This story originally appeared on Fintel.
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