Progress Software (NASDAQ:PRGS) PT Raised to $80.00 at Oppenheimer

Progress Software (NASDAQ:PRGS) had its price objective hoisted by investment analysts at Oppenheimer from $70.00 to $80.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective would indicate a potential upside of 22.46% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, 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 research report on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.67.

Progress Software Stock Down 0.1 %

Shares of PRGS traded down $0.05 during trading hours on Tuesday, hitting $65.33. The stock had a trading volume of 148,206 shares, compared to its average volume of 507,306. The firm has a 50 day simple moving average of $60.65 and a 200-day simple moving average of $55.31. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software has a 1-year low of $48.00 and a 1-year high of $67.89. The firm has a market capitalization of $2.80 billion, a P/E ratio of 34.94, a price-to-earnings-growth ratio of 8.34 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. Sell-side analysts predict that Progress Software will post 3.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after purchasing an additional 312,537 shares in the last quarter. Swedbank AB raised its holdings in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after buying an additional 280,195 shares during the last quarter. Marshall Wace LLP lifted its position in Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after acquiring an additional 221,336 shares during the period. Boston Trust Walden Corp lifted its holdings in shares of Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares during the period. Finally, F M Investments LLC acquired a new stake in shares of Progress Software in the 2nd quarter worth $6,684,000.

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.