Progress Software (NASDAQ:PRGS) Receives Buy Rating from Guggenheim

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $64.00 price target on the software maker’s stock. Guggenheim’s target price suggests a potential upside of 16.49% from the company’s previous close.

A number of other research firms have also recently commented on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 10th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday, March 27th. DA Davidson started coverage on Progress Software in a report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target on the stock. 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 report on Wednesday, March 27th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.14.

Progress Software Stock Up 12.8 %

Shares of Progress Software stock opened at $54.94 on Tuesday. The stock’s 50-day moving average is $50.45 and its 200 day moving average is $52.99. Progress Software has a one year low of $48.00 and a one year high of $62.34. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 33.50, a PEG ratio of 6.33 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 posted its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a return on equity of 35.79% and a net margin of 10.29%. The firm had revenue of $184.69 million for the quarter, compared to analysts’ expectations of $181.91 million. During the same period in the prior year, the business earned $1.01 EPS. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. Equities research analysts anticipate that Progress Software will post 3.85 EPS for the current year.

Insider Activity at Progress Software

In related news, EVP Sundar Subramanian sold 584 shares of the stock in a transaction on Tuesday, April 30th. The stock was 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 of the company’s stock, valued at approximately $857,858.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Anthony Folger sold 3,767 shares of the firm’s stock in a transaction on 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 directly 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 available at the SEC website. Also, EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total transaction of $29,135.76. Following the sale, the executive vice president now owns 17,195 shares of the company’s stock, 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 valued at $2,841,941 over the last 90 days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PRGS. Vanguard Group Inc. grew its holdings in 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 lifted its position in shares of Progress Software by 2.0% during the 4th quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after buying an additional 33,289 shares during the last quarter. Dimensional Fund Advisors LP grew its stake 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 acquiring an additional 23,097 shares during the period. Principal Financial Group Inc. grew its stake in shares of 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 worth $55,049,000 after acquiring an additional 6,166 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 79.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the last quarter.

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.