Progress Software (NASDAQ:PRGS) Sets New 1-Year High at $67.55

Progress Software Co. (NASDAQ:PRGS)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $67.55 and last traded at $67.55, with a volume of 510 shares trading hands. The stock had previously closed at $67.37.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRGS. Guggenheim boosted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Oppenheimer raised their price objective on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. Finally, DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $66.00.

Progress Software Stock Performance

The stock has a 50 day moving average price of $57.90 and a two-hundred day moving average price of $53.90. 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 company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 41.08, a price-to-earnings-growth ratio of 7.32 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.35%. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.90 earnings per share. On average, analysts predict that Progress Software Co. will post 3.91 EPS for the current fiscal year.

Insider Activity

In other news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were 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 directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The disclosure for this sale can be found here. Insiders have sold a total of 10,845 shares of company stock worth $607,170 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board bought a new position in shares of Progress Software in the second quarter valued at approximately $27,000. Blue Trust Inc. increased its stake in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC raised its holdings in shares of Progress Software by 993.5% in 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 period. TFO Wealth Partners LLC increased its stake in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after purchasing an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software during the 2nd quarter valued at approximately $160,000.

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.