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

Shares of Progress Software Co. (NASDAQ:PRGS) have earned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $67.67.

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

Progress Software Trading Up 0.4 %

Shares of PRGS stock opened at $64.35 on Wednesday. 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 $2.76 billion, a P/E ratio of 34.41, a PEG ratio of 8.18 and a beta of 0.92. The company has a 50 day moving average of $62.09 and a 200-day moving average of $56.11. Progress Software has a 12-month low of $48.00 and a 12-month high of $67.89.

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

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other 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 transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the company. Entropy Technologies LP purchased a new position in shares of Progress Software during the 1st quarter valued at about $480,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Progress Software by 63.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after purchasing an additional 13,185 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares in the last quarter. Swedbank AB bought a new position in shares of Progress Software during the 1st quarter valued at $10,356,000. Finally, Wedge Capital Management L L P NC purchased a new position in Progress Software in the 2nd quarter worth $1,692,000.

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.