Progress Software (NASDAQ:PRGS) Rating Increased to Strong-Buy at StockNews.com

Progress Software (NASDAQ:PRGS) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Monday.

A number of other brokerages also recently issued reports on PRGS. Oppenheimer increased their target price on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wedbush reissued an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Jefferies Financial Group cut their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Finally, DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $66.00.

Progress Software Stock Up 0.6 %

Shares of NASDAQ PRGS opened at $66.62 on Monday. The stock has a market cap of $2.85 billion, a PE ratio of 40.62, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 52-week low of $48.00 and a 52-week high of $67.48. The business has a 50-day moving average price of $59.83 and a 200 day moving average price of $54.90.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts forecast that Progress Software will post 3.95 earnings per share for the current year.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently bought and sold shares of PRGS. Vanguard Group Inc. increased its stake in Progress Software by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after purchasing an additional 37,487 shares in the last quarter. BTC Capital Management Inc. purchased a new position in Progress Software during the first quarter worth $445,000. Allspring Global Investments Holdings LLC increased its position in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after buying an additional 312,537 shares in the last quarter. Principal Financial Group Inc. increased its position in Progress Software by 0.6% during the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after buying an additional 6,166 shares in the last quarter. Finally, FORA Capital LLC increased its position in Progress Software by 188.7% during the first quarter. FORA Capital LLC now owns 22,263 shares of the software maker’s stock worth $1,187,000 after buying an additional 14,551 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.