Progress Software Co. (NASDAQ:PRGS) Given Average Rating of “Moderate Buy” by Brokerages

Progress Software Co. (NASDAQ:PRGS) has been given a consensus recommendation of “Moderate Buy” by the six research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $67.67.

Several brokerages recently commented on PRGS. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer increased their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock 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 report on Wednesday, October 30th. Guggenheim increased their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reiterated an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted 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 valued at $300,127,000 after purchasing an additional 95,594 shares in the last quarter. Boston Trust Walden Corp raised its holdings in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after acquiring an additional 192,899 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after acquiring an additional 34,318 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after acquiring an additional 43,936 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after acquiring an additional 99,479 shares during the period.

Progress Software Stock Performance

PRGS stock opened at $67.56 on Friday. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 8.82 and a beta of 0.92. The firm has a 50-day simple moving average of $65.59 and a two-hundred day simple moving average of $58.26. Progress Software has a one year low of $48.00 and a one year 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 the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during 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 was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, equities analysts forecast that Progress Software will post 3.96 EPS for the current fiscal year.

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.