Progress Software Co. (NASDAQ:PRGS) Receives $74.00 Consensus Target Price from Analysts

Progress Software Co. (NASDAQ:PRGS) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $75.17.

PRGS has been the topic of a number of research reports. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Jefferies Financial Group boosted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Wedbush reissued an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday. Finally, Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Tuesday.

Insider Activity

In other news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progress Software

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

Progress Software Stock Performance

NASDAQ:PRGS opened at $58.98 on Friday. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.54 billion, a P/E ratio of 37.81, a PEG ratio of 2.82 and a beta of 0.88. The business’s 50-day moving average price is $55.75 and its two-hundred day moving average price is $62.06.

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