Progress Software (NASDAQ:PRGS) Rating Lowered to Buy at StockNews.com

Progress Software (NASDAQ:PRGS) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.

Several other research firms also recently commented on PRGS. Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, March 27th. DA Davidson restated a “buy” rating and set a $65.00 target price on shares of Progress Software in a report on Wednesday. Oppenheimer restated an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday. Finally, Guggenheim reaffirmed a “buy” rating and issued a $64.00 price target on shares of Progress Software in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.14.

Progress Software Price Performance

PRGS stock opened at $54.24 on Wednesday. The firm has a 50 day moving average of $50.53 and a 200-day moving average of $53.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software has a 12 month low of $48.00 and a 12 month high of $62.34. The firm has a market capitalization of $2.34 billion, a P/E ratio of 33.07, a price-to-earnings-growth ratio of 6.33 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last announced 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 for the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a net margin of 10.29% and a return on equity of 35.79%. Progress Software’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $1.01 earnings per share. As a group, sell-side analysts predict that Progress Software will post 3.85 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were 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 available at this hyperlink. In related news, insider Yufan Stephanie Wang sold 779 shares of the business’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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Krall sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the transaction, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The disclosure for this sale can be found here. Insiders sold 55,761 shares of company stock valued at $2,841,941 in the last quarter. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kendall Capital Management boosted its stake in Progress Software by 1.4% in the 4th quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after purchasing an additional 195 shares during the period. Blue Trust Inc. raised its holdings in shares of Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after acquiring an additional 239 shares in the last quarter. Illinois Municipal Retirement Fund raised its holdings in shares of Progress Software by 1.2% during the 4th quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after acquiring an additional 302 shares in the last quarter. US Bancorp DE raised its holdings in shares of Progress Software by 2.2% during the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after acquiring an additional 404 shares in the last quarter. Finally, GAMMA Investing LLC purchased a new stake in shares of Progress Software during the 4th quarter worth approximately $28,000.

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.