Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00 at Guggenheim

Progress Software (NASDAQ:PRGS) had its target price boosted by Guggenheim from $64.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Guggenheim’s price objective points to a potential upside of 6.32% from the company’s previous close.

Several other brokerages have also recently issued reports on PRGS. Oppenheimer boosted their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday. Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $66.00.

Progress Software Stock Performance

Shares of PRGS opened at $65.84 on Wednesday. The company’s 50 day simple moving average is $57.46 and its 200-day simple moving average is $53.71. The firm has a market cap of $2.82 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. Progress Software has a 12-month low of $48.00 and a 12-month high of $66.06. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period last year, the firm posted $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities analysts predict that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. Insiders have sold 13,763 shares of company stock valued at $765,004 over the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the second quarter valued at approximately $27,000. Blue Trust Inc. grew its holdings in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the last quarter. EntryPoint Capital LLC increased its position in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares in the last quarter. TFO Wealth Partners LLC raised its holdings in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after acquiring an additional 2,251 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software in the second quarter valued at $160,000.

Progress Software Company Profile

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.