Progress Software Co. (NASDAQ:PRGS) Receives Consensus Rating of “Moderate Buy” from Analysts

Progress Software Co. (NASDAQ:PRGS) has earned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $67.67.

Several equities analysts have issued reports on PRGS shares. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Guggenheim raised 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. DA Davidson raised their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,844 shares of company stock worth $656,550. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the period. GAMMA Investing LLC increased its holdings in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Progress Software in the second quarter valued at about $27,000. Exchange Traded Concepts LLC increased its holdings in Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after buying an additional 559 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its holdings in Progress Software by 9.7% in the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock valued at $362,000 after buying an additional 602 shares in the last quarter.

Progress Software Stock Performance

NASDAQ:PRGS opened at $65.13 on Wednesday. The firm has a market capitalization of $2.79 billion, a PE ratio of 34.83, a price-to-earnings-growth ratio of 8.21 and a beta of 0.92. The business’s fifty day moving average price is $61.67 and its 200 day moving average price is $55.90. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software has a 12 month low of $48.00 and a 12 month high of $67.89.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 earnings per share. On average, sell-side analysts anticipate that Progress Software will post 3.95 earnings per share for the current fiscal year.

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.