Brokerages Set Progress Software Co. (NASDAQ:PRGS) PT at $67.67

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

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

Insider Activity at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software 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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Several large investors have recently added to or reduced their stakes in PRGS. DekaBank Deutsche Girozentrale lifted its stake in Progress Software by 4.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after acquiring an additional 19,256 shares in the last quarter. Swedbank AB purchased a new position in Progress Software during the first quarter worth about $10,356,000. Victory Capital Management Inc. grew its position in Progress Software by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in Progress Software in the 2nd quarter worth about $1,692,000. Finally, Lombard Odier Asset Management USA Corp purchased a new stake in Progress Software in the 2nd quarter valued at about $494,000.

Progress Software Trading Down 0.4 %

NASDAQ PRGS opened at $69.64 on Friday. The firm has a market capitalization of $2.99 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 8.73 and a beta of 0.92. The business’s 50-day moving average price is $65.16 and its two-hundred day moving average price is $58.06. 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 has a 12 month low of $48.00 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS) last announced its 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 return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. On average, analysts expect that Progress Software will post 3.96 EPS for the current 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.