Analysts Set Progress Software Co. (NASDAQ:PRGS) Target Price at $67.67

Shares of Progress Software Co. (NASDAQ:PRGS) have earned a consensus rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $67.67.

Several equities analysts recently commented on the company. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim boosted their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The stock was 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 in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after buying an additional 34,318 shares during the period. Principal Financial Group Inc. grew its holdings in Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Allspring Global Investments Holdings LLC increased its position in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares during the last quarter. Seizert Capital Partners LLC raised its stake in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after purchasing an additional 251,125 shares during the last quarter.

Progress Software Stock Up 1.5 %

PRGS stock opened at $66.26 on Thursday. The company’s 50 day moving average price is $67.10 and its 200 day moving average price is $60.69. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 35.43, a PEG ratio of 7.35 and a beta of 0.92. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. On average, equities research analysts anticipate that Progress Software will post 3.96 EPS for the current fiscal year.

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.