Progress Software (NASDAQ:PRGS) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Progress Software (NASDAQ:PRGS) from a buy rating to a strong-buy rating in a research report released on Wednesday.

Other equities analysts have also issued reports about the stock. 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 report on Wednesday, September 25th. Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $67.67.

Progress Software Trading Up 0.4 %

PRGS opened at $64.35 on Wednesday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The company’s 50 day simple moving average is $62.09 and its two-hundred day simple moving average is $56.11. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 34.41, a price-to-earnings-growth ratio of 8.18 and a beta of 0.92. Progress Software has a 1-year low of $48.00 and a 1-year high of $67.89.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (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 company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period in the prior year, the business earned $0.90 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts expect that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,747 shares of the business’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 completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. increased its holdings in Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the period. Blue Trust Inc. increased its stake in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares during the period. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Progress Software in the second quarter valued at approximately $27,000. Finally, Exchange Traded Concepts LLC lifted its stake in Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock worth $1,991,000 after acquiring an additional 559 shares during the last quarter.

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.