Progress Software (NASDAQ:PRGS) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research note released on Tuesday morning.

PRGS has been the subject of several other reports. DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Guggenheim upped their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer raised their price objective on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Jefferies Financial Group reduced their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Stock Down 0.3 %

Shares of NASDAQ:PRGS opened at $64.90 on Tuesday. Progress Software has a 1 year low of $48.00 and a 1 year high of $67.89. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The business’s 50-day moving average is $61.34 and its 200-day moving average is $55.64. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 34.71, a P/E/G ratio of 8.28 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. Equities research analysts predict that Progress Software will post 3.95 earnings per share for the current year.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 9,844 shares of company stock valued at $656,550 over the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after purchasing an additional 37,487 shares during the period. Entropy Technologies LP purchased a new position in Progress Software in the first quarter valued at about $480,000. State Board of Administration of Florida Retirement System grew its position in shares of Progress Software by 63.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after acquiring an additional 13,185 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Progress Software by 4.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after purchasing an additional 19,256 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Progress Software in the 1st quarter worth approximately $10,356,000.

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.