Analysts Set Progress Software Co. (NASDAQ:PRGS) Target Price 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.com reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $67.67.

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

Progress Software Price Performance

PRGS opened at $65.29 on Thursday. The company’s 50-day simple moving average is $67.14 and its two-hundred day simple moving average is $60.43. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $2.80 billion, a P/E ratio of 34.91, a P/E/G ratio of 7.35 and a beta of 0.92. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56.

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

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the firm’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 sale, the insider now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was 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 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in 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 valued at $76,465,000 after buying an additional 34,318 shares in the last quarter. Principal Financial Group Inc. grew its stake in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after acquiring an additional 99,479 shares during the last quarter. Seizert Capital Partners LLC lifted its stake in Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after purchasing an additional 251,125 shares during the last quarter.

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.