Progress Software Co. (NASDAQ:PRGS) Receives $67.67 Average Price Target from Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have received a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $67.67.

A number of equities analysts have issued reports on the stock. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Insiders Place Their Bets

In related 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 completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. boosted its position in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the last quarter. Dakota Wealth Management purchased a new stake in Progress Software during the second quarter worth about $207,000. Allspring Global Investments Holdings LLC raised its position in Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after acquiring an additional 156,796 shares during the period. F M Investments LLC purchased a new position in Progress Software in the second quarter valued at about $6,684,000. Finally, Victory Capital Management Inc. grew its position in shares of Progress Software by 236.1% during the 2nd quarter. Victory Capital Management Inc. now owns 68,867 shares of the software maker’s stock valued at $3,737,000 after acquiring an additional 48,375 shares during the period.

Progress Software Trading Up 0.7 %

PRGS stock opened at $66.38 on Thursday. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.85 billion, a P/E ratio of 35.50, a PEG ratio of 7.35 and a beta of 0.92. The company’s 50-day simple moving average is $67.14 and its 200-day simple moving average is $60.28.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter in the previous year, the company earned $0.90 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Progress Software will post 3.96 EPS for the current fiscal year.

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.