Progress Software (NASDAQ:PRGS) Downgraded by StockNews.com to “Buy”

Progress Software (NASDAQ:PRGS) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

A number of other equities research analysts have also recently commented on the company. Wedbush reissued an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim lifted 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. Jefferies Financial Group dropped their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Oppenheimer lifted their price objective on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. Finally, DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Trading Down 0.8 %

Shares of NASDAQ:PRGS opened at $64.87 on Tuesday. Progress Software has a 12-month low of $48.00 and a 12-month high of $67.89. The company has a market cap of $2.77 billion, a PE ratio of 39.55, a price-to-earnings-growth ratio of 8.34 and a beta of 0.92. The stock has a 50 day moving average of $60.83 and a 200 day moving average of $55.41. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

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, topping analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 earnings per share. As a group, equities research analysts expect that Progress Software will post 3.95 EPS for the current year.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction 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 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Blue Trust Inc. raised its position in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the period. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Progress Software during the 2nd quarter valued at $27,000. Exchange Traded Concepts LLC lifted its position in Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after buying an additional 559 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its stake in Progress Software by 9.7% during the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock worth $362,000 after buying an additional 602 shares during the period.

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.