Progress Software (NASDAQ:PRGS) Stock Rating Reaffirmed by DA Davidson

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reiterated by research analysts at DA Davidson in a report released on Wednesday, Benzinga reports. They currently have a $65.00 price target on the software maker’s stock. DA Davidson’s price objective would indicate a potential upside of 19.84% from the company’s previous close.

Other research analysts have also issued research reports about the company. Guggenheim restated a “buy” rating and set a $64.00 price objective on shares of Progress Software in a research report on Tuesday. Oppenheimer restated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. cut their price objective 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. Finally, Jefferies Financial Group cut their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Progress Software currently has a consensus rating of “Moderate Buy” and an average price target of $63.14.

Progress Software Trading Down 1.3 %

Shares of PRGS stock opened at $54.24 on Wednesday. Progress Software has a 52-week low of $48.00 and a 52-week high of $62.34. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $2.34 billion, a PE ratio of 33.07, a PEG ratio of 6.33 and a beta of 0.93. The stock has a fifty day simple moving average of $50.53 and a two-hundred day simple moving average of $53.00.

Progress Software (NASDAQ:PRGS) last issued 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 business had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the prior year, the business posted $1.01 EPS. Progress Software’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, analysts predict that Progress Software will post 3.85 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, Director David Krall sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 86,641 shares of the company’s stock, valued at approximately $4,418,691. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Progress Software news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now owns 86,641 shares of the company’s stock, valued at $4,418,691. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of the firm’s 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 directly owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,761 shares of company stock valued at $2,841,941. 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 PRGS. GAMMA Investing LLC bought a new stake in Progress Software in the fourth quarter worth about $28,000. Orion Capital Management LLC bought a new stake in shares of Progress Software during the third quarter valued at approximately $41,000. Blue Trust Inc. raised its stake in shares of Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after acquiring an additional 239 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Progress Software during the fourth quarter valued at approximately $68,000. Finally, EntryPoint Capital LLC raised its stake in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 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.