Progress Software (NASDAQ:PRGS) Price Target Lowered to $55.00 at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price objective dropped by equities research analysts at Jefferies Financial Group from $60.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price indicates a potential upside of 6.28% from the company’s previous close.

PRGS has been the topic of several other reports. DA Davidson initiated coverage on shares of Progress Software in a report on Thursday, March 28th. They set a “buy” rating and a $65.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a report on Wednesday, March 27th. Guggenheim reaffirmed a “buy” rating and set a $64.00 target price on shares of Progress Software in a research report on Tuesday. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. decreased their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday, March 27th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $63.14.

Progress Software Trading Up 6.3 %

Shares of Progress Software stock traded up $3.05 on Wednesday, hitting $51.75. 177,249 shares of the company traded hands, compared to its average volume of 516,850. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. The company has a market cap of $2.24 billion, a PE ratio of 31.62, a PEG ratio of 6.37 and a beta of 0.93. The stock’s 50 day moving average price is $50.36 and its 200-day moving average price is $52.98. Progress Software has a 52 week low of $48.00 and a 52 week high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. Progress Software had a return on equity of 36.62% and a net margin of 9.67%. Progress Software’s revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 EPS. Equities research analysts predict that Progress Software will post 3.85 EPS for the current year.

Insider Transactions at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total transaction of $190,233.50. Following the transaction, the chief financial officer now owns 37,542 shares in the company, valued at approximately $1,895,871. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Progress Software news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the sale, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Ainsworth sold 30,631 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $51.03, for a total value of $1,563,099.93. Following the completion of the transaction, the executive vice president now directly owns 32,002 shares in the company, valued at $1,633,062.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,761 shares of company stock worth $2,841,941. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently bought and sold shares of PRGS. HighTower Advisors LLC acquired a new position in shares of Progress Software in the 3rd quarter valued at about $330,000. Envestnet Asset Management Inc. raised its position in Progress Software by 10.7% during the third quarter. Envestnet Asset Management Inc. now owns 104,671 shares of the software maker’s stock valued at $5,504,000 after acquiring an additional 10,155 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Progress Software in the third quarter valued at approximately $626,000. Algert Global LLC purchased a new stake in Progress Software in the 3rd quarter worth approximately $237,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Progress Software by 305.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,458 shares of the software maker’s stock worth $2,495,000 after purchasing an additional 35,755 shares during the period.

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.