Progress Software (NASDAQ:PRGS) Given New $80.00 Price Target at Oppenheimer

Progress Software (NASDAQ:PRGS) had its price target boosted by Oppenheimer from $70.00 to $80.00 in a report issued on Tuesday morning, Benzinga reports. Oppenheimer currently has an outperform rating on the software maker’s stock.

A number of other research analysts have also issued reports on PRGS. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Jefferies Financial Group cut their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. 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. Finally, Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Stock Performance

PRGS opened at $65.41 on Tuesday. The stock’s 50 day simple moving average is $60.65 and its 200 day simple moving average is $55.31. The stock has a market cap of $2.81 billion, a P/E ratio of 34.98, a P/E/G ratio of 8.34 and a beta of 0.92. Progress Software has a 1-year low of $48.00 and a 1-year 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.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the previous year, the company posted $0.90 EPS. The business’s revenue was up 1.7% on a year-over-year basis. As a group, equities analysts anticipate that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s 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 completion of the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Canada Pension Plan Investment Board purchased a new position in Progress Software in the second quarter valued at approximately $27,000. GAMMA Investing LLC increased its position in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares during the period. EntryPoint Capital LLC lifted its holdings in shares of Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Progress Software during the 2nd quarter worth $160,000.

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.