Progress Software (NASDAQ:PRGS) Receives Buy Rating from Guggenheim

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reiterated by equities research analysts at Guggenheim in a report issued on Tuesday, Benzinga reports. They currently have a $64.00 target price on the software maker’s stock. Guggenheim’s price target indicates a potential upside of 31.26% from the stock’s current price.

Several other research analysts have also recently commented on the stock. DA Davidson started coverage on shares of Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 target price for the company. JPMorgan Chase & Co. dropped their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 27th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Progress Software currently has an average rating of “Buy” and a consensus target price of $64.50.

Progress Software Stock Performance

Shares of Progress Software stock traded down $0.22 during trading hours on Tuesday, reaching $48.76. The company’s stock had a trading volume of 169,260 shares, compared to its average volume of 514,424. The stock has a market cap of $2.11 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 6.36 and a beta of 0.93. The company’s 50 day simple moving average is $50.40 and its 200 day simple moving average is $53.01. Progress Software has a one year low of $48.16 and a one year high of $62.34. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 9.67% and a return on equity of 36.62%. Progress Software’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. As a group, analysts expect that Progress Software will post 3.85 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Krall sold 20,000 shares of Progress Software stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total transaction of $1,020,000.00. Following the completion of the sale, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,761 shares of company stock worth $2,841,941. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after buying an additional 95,594 shares during the last quarter. Boston Trust Walden Corp boosted its position in shares of Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after acquiring an additional 33,289 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Progress Software by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock valued at $73,807,000 after acquiring an additional 23,097 shares during the period. Principal Financial Group Inc. raised its stake in Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after purchasing an additional 6,166 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Progress Software by 79.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock valued at $37,761,000 after purchasing an additional 312,537 shares in the last quarter.

About Progress Software

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.