Progress Software’s (PRGS) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reissued their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note released on Wednesday, Benzinga reports. They currently have a $66.00 price target on the software maker’s stock.

A number of other research analysts also recently weighed in on PRGS. Jefferies Financial Group reduced their target price on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday. DA Davidson reissued a buy rating and issued a $65.00 target price on shares of Progress Software in a research report on Wednesday. StockNews.com raised Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday, April 10th. Guggenheim reissued a buy rating and issued a $64.00 target price on shares of Progress Software in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $63.14.

Progress Software Stock Up 12.8 %

Shares of NASDAQ:PRGS opened at $54.94 on Wednesday. Progress Software has a 1 year low of $48.00 and a 1 year high of $62.34. The company has a market cap of $2.37 billion, a PE ratio of 33.50, a P/E/G 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. The stock’s 50-day moving average is $50.45 and its 200 day moving average is $52.99.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, beating 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 company had revenue of $184.69 million for the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the business earned $1.01 EPS. Progress Software’s revenue was up 11.5% compared to the same quarter last year. Sell-side analysts anticipate that Progress Software will post 3.85 EPS for the current year.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 779 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software 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 transaction of $29,135.76. Following the sale, the executive vice president now directly owns 17,195 shares in the company, valued at approximately $857,858.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. Insiders sold a total of 55,761 shares of company stock valued at $2,841,941 in the last 90 days. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale boosted its stake in Progress Software by 4.1% during 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 purchased a new position in shares of Progress Software in the 1st quarter worth $10,356,000. Delphi Management Inc. MA purchased a new position in shares of Progress Software in the 1st quarter worth $1,192,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Progress Software by 15.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,564 shares of the software maker’s stock worth $1,683,000 after buying an additional 4,268 shares during the last quarter. Finally, BOKF NA purchased a new position in shares of Progress Software in the 1st quarter worth $307,000.

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.