Progress Software (NASDAQ:PRGS) Given Outperform Rating at Wedbush

Progress Software (NASDAQ:PRGS)‘s stock had its “outperform” rating reissued by Wedbush in a research report issued on Tuesday,Benzinga reports. They presently have a $75.00 price objective on the software maker’s stock. Wedbush’s price objective indicates a potential upside of 27.16% from the company’s current price.

A number of other research firms have also issued reports on PRGS. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, January 17th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Trading Up 2.1 %

PRGS opened at $58.98 on Tuesday. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The business’s 50 day moving average is $55.75 and its two-hundred day moving average is $62.06. 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 (NASDAQ:PRGS) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $1.25 EPS. On average, research analysts predict that Progress Software will post 4.01 EPS for the current year.

Insider Activity at Progress Software

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. increased its holdings in Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Progress Software in the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC increased its stake in shares of Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in 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.