DA Davidson Increases Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its price objective hoisted by stock analysts at DA Davidson from $65.00 to $70.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. DA Davidson’s price objective suggests a potential upside of 9.55% from the stock’s current price.

PRGS has been the topic of a number of other research reports. Jefferies Financial Group reduced their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Guggenheim reaffirmed a “buy” rating and issued a $64.00 target price on shares of Progress Software in a report on Tuesday, June 25th. Finally, Oppenheimer raised their target price on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.00.

Progress Software Stock Up 11.8 %

Progress Software stock traded up $6.75 during midday trading on Wednesday, reaching $63.90. The stock had a trading volume of 1,223,406 shares, compared to its average volume of 478,835. Progress Software has a 1-year low of $48.00 and a 1-year high of $64.88. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The firm’s fifty day simple moving average is $57.13 and its 200-day simple moving average is $53.55. The stock has a market capitalization of $2.73 billion, a P/E ratio of 38.96, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. As a group, analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the business’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 transaction, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the company’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 completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted 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 valued at $37,761,000 after buying an additional 312,537 shares during the period. Norges Bank purchased a new stake in Progress Software during the fourth quarter valued at about $15,701,000. Swedbank AB boosted its position in Progress Software by 144.2% during the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after buying an additional 280,195 shares during the period. Marshall Wace LLP boosted its position in Progress Software by 530.5% during the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock valued at $14,274,000 after buying an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp boosted its position in Progress Software by 10.9% during the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 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.