Guggenheim Increases Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its target price increased by research analysts at Guggenheim from $64.00 to $70.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Guggenheim’s price target suggests a potential upside of 7.89% from the stock’s current price.

A number of other research firms also recently issued reports on PRGS. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. DA Davidson raised their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Oppenheimer boosted their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $66.00.

Progress Software Stock Performance

Progress Software stock traded up $7.73 during trading hours on Wednesday, hitting $64.88. 2,034,897 shares of the stock traded hands, compared to its average volume of 483,222. Progress Software has a 1 year low of $48.00 and a 1 year high of $64.97. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 39.56, a P/E/G ratio of 7.28 and a beta of 0.91. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The firm’s 50 day moving average price is $57.13 and its 200-day moving average price is $53.55.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the company earned $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, equities analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, insider Ian Pitt sold 584 shares of the stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock valued at $765,004 in the last three months. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software during the second quarter worth $27,000. Blue Trust Inc. grew its stake in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in Progress Software by 225,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after buying an additional 2,251 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Progress Software in the 2nd quarter worth $160,000.

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.