Progress Software (NASDAQ:PRGS) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a report published on Tuesday.

Several other equities research analysts have also recently issued reports on the company. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. 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 report on Wednesday, June 26th. Oppenheimer raised their price target on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Stock Up 0.0 %

PRGS stock opened at $65.41 on Tuesday. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $67.89. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 8.34 and a beta of 0.92. The business’s fifty day moving average price is $60.65 and its two-hundred day moving average price is $55.31.

Progress Software (NASDAQ:PRGS) last released 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 for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 earnings per share. On average, equities analysts anticipate that Progress Software will post 3.95 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following 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 filing with the SEC, which is available at this link. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently modified their holdings of PRGS. Vanguard Group Inc. increased its holdings in 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 purchasing an additional 95,594 shares in the last quarter. Boston Trust Walden Corp grew its holdings in shares of 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 worth $106,713,000 after purchasing an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP increased 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 valued at $76,465,000 after buying an additional 34,318 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after buying an additional 99,479 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in Progress Software by 4.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after buying an additional 19,256 shares during the period.

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.