Guggenheim Reaffirms “Buy” Rating for Progress Software (NASDAQ:PRGS)

Guggenheim reiterated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note issued to investors on Tuesday,Benzinga reports. Guggenheim currently has a $83.00 price target on the software maker’s stock.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. DA Davidson restated a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Wedbush restated an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Citigroup lifted their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Stock Up 12.1 %

Shares of PRGS stock opened at $57.76 on Tuesday. The stock has a market cap of $2.49 billion, a P/E ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88. The company’s fifty day simple moving average is $55.72 and its two-hundred day simple moving average is $62.08. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period in the prior year, the company earned $1.25 earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. Analysts predict that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its holdings in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after buying an additional 1,140,626 shares in the last quarter. Natixis boosted its holdings in shares of Progress Software by 287.1% in the fourth quarter. Natixis now owns 518,700 shares of the software maker’s stock valued at $33,793,000 after purchasing an additional 384,700 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Progress Software in the fourth quarter valued at approximately $15,432,000. Price T Rowe Associates Inc. MD grew its stake in Progress Software by 468.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker’s stock worth $12,139,000 after purchasing an additional 153,517 shares in the last quarter. Finally, Norges Bank purchased a new position in Progress Software during the 4th quarter worth $9,699,000.

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.