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

Progress Software (NASDAQ:PRGS) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Thursday.

Several other equities research analysts have also weighed in on PRGS. Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. DA Davidson raised their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Guggenheim lifted their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, Oppenheimer raised their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Progress Software has an average rating of “Moderate Buy” and an average target price of $66.00.

Progress Software Trading Down 0.9 %

Shares of NASDAQ:PRGS traded down $0.61 during midday trading on Thursday, hitting $64.81. The company had a trading volume of 601,522 shares, compared to its average volume of 511,226. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 1.87. Progress Software has a 12 month low of $48.00 and a 12 month high of $67.48. The firm has a fifty day simple moving average of $58.28 and a 200 day simple moving average of $54.07. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 8.44 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last issued 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 firm had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. On average, analysts predict that Progress Software will post 3.95 EPS for the current year.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s 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 transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $174,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $174,185. The disclosure for this sale can be found here. Insiders have sold 10,845 shares of company stock valued at $607,170 in the last three months. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted 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 buying an additional 371 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in Progress Software during the second quarter worth approximately $27,000. Rehmann Capital Advisory Group boosted its holdings in shares of Progress Software by 9.7% during the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock worth $362,000 after acquiring an additional 602 shares during the period. ProShare Advisors LLC grew its position in shares of Progress Software by 8.7% in the first quarter. ProShare Advisors LLC now owns 8,888 shares of the software maker’s stock valued at $474,000 after purchasing an additional 714 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in shares of Progress Software by 2.0% during the first quarter. Texas Permanent School Fund Corp now owns 38,403 shares of the software maker’s stock worth $2,047,000 after purchasing an additional 769 shares during the period.

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.