Progress Software (PRGS) – Investment Analysts’ Recent Ratings Updates

Progress Software (NASDAQ: PRGS) recently received a number of ratings updates from brokerages and research firms:

• 9/25/2024 – Progress Software was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
• 9/25/2024 – Progress Software had its price target raised by analysts at Oppenheimer Holdings Inc. from $66.00 to $70.00. They now have an “outperform” rating on the stock.
• 9/25/2024 – Progress Software had its price target raised by analysts at Guggenheim from $64.00 to $70.00. They now have a “buy” rating on the stock.
• 9/25/2024 – Progress Software had its price target raised by analysts at DA Davidson from $65.00 to $70.00. They now have a “buy” rating on the stock.
• 9/10/2024 – Progress Software had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $68.00 price target on the stock.
• 9/10/2024 – Progress Software had its “buy” rating reaffirmed by analysts at DA Davidson. They now have a $65.00 price target on the stock.

Progress Software Trading Up 3.0 %

PRGS stock traded up $1.92 during midday trading on Thursday, hitting $65.84. The stock had a trading volume of 1,812,633 shares, compared to its average volume of 503,230. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.82 billion, a P/E ratio of 40.15, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. The business has a fifty day moving average price of $57.27 and a two-hundred day moving average price of $53.62. Progress Software Co. has a 1-year low of $48.00 and a 1-year high of $66.06.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the business earned $0.90 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Progress Software Co. will post 3.91 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Loren Jarrett sold 9,961 shares of the company’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 transaction of $557,616.78. Following the transaction, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 584 shares of the 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 completion of the transaction, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock worth $765,004 in the last quarter. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Progress Software by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after acquiring an additional 95,594 shares during the last quarter. Boston Trust Walden Corp raised its stake in shares of Progress Software by 10.9% in the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after purchasing an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after purchasing an additional 34,318 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Progress Software by 0.6% in the first quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after purchasing an additional 6,166 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Progress Software by 22.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after buying an additional 156,796 shares during the last quarter.

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.