Progress Software (NASDAQ:PRGS) Sets New 1-Year Low at $48.79

Progress Software Co. (NASDAQ:PRGS)’s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $48.79 and last traded at $49.03, with a volume of 28391 shares traded. The stock had previously closed at $49.50.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wedbush upped their price objective on Progress Software from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. DA Davidson initiated coverage on Progress Software in a research note on Thursday, March 28th. They set a “buy” rating and a $65.00 price objective on the stock. Oppenheimer reiterated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a research note on Wednesday, March 27th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $64.60.

Progress Software Stock Performance

The firm’s fifty day moving average is $50.54 and its 200 day moving average is $53.13. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 31.80, a PEG ratio of 6.37 and a beta of 0.93. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.95 and a quick ratio of 0.95.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same period last year, the company earned $1.01 earnings per share. Progress Software’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, analysts predict that Progress Software Co. will post 3.85 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, Director David Krall sold 20,000 shares of the company’s 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 in the company, valued at approximately $4,418,691. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $51.00, for a total value of $1,020,000.00. Following the sale, the director now directly owns 86,641 shares of the company’s stock, valued at $4,418,691. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now directly owns 17,195 shares in the company, valued at approximately $857,858.55. The disclosure for this sale can be found here. Insiders have sold a total of 55,761 shares of company stock worth $2,841,941 in the last 90 days. 3.30% of the stock is owned by insiders.

Institutional Trading of Progress Software

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after purchasing an additional 95,594 shares during the period. Boston Trust Walden Corp boosted its holdings in Progress Software by 2.0% during 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 purchasing an additional 33,289 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Progress Software by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,359,246 shares of the software maker’s stock worth $73,807,000 after buying an additional 23,097 shares during the period. Principal Financial Group Inc. lifted its holdings in Progress Software by 0.6% during the 1st 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 during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position 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 buying an additional 312,537 shares in the last quarter.

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.