Progress Software Co. (NASDAQ:PRGS) Receives Average Rating of “Moderate Buy” from Analysts

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $67.67.

PRGS has been the topic of a number of recent analyst reports. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. DA Davidson boosted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer boosted their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Finally, Guggenheim raised their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 18.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale lifted its stake in shares of Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares during the last quarter. Swedbank AB acquired a new position in Progress Software in the first quarter valued at about $10,356,000. Victory Capital Management Inc. boosted its stake in Progress Software by 62.1% during the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after buying an additional 42,773 shares during the period. Wedge Capital Management L L P NC acquired a new stake in shares of Progress Software during the second quarter valued at about $1,692,000. Finally, Lombard Odier Asset Management USA Corp purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $494,000.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $69.25 on Friday. The company has a market capitalization of $2.97 billion, a PE ratio of 37.03, a price-to-earnings-growth ratio of 8.67 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The company’s fifty day moving average price is $64.93 and its 200 day moving average price is $57.88. Progress Software has a 1 year low of $48.00 and a 1 year high of $69.62.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. On average, research analysts predict that Progress Software will post 3.96 earnings per share for the current year.

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.