Progress Software (NASDAQ:PRGS) Sets New 1-Year High – Here’s What Happened

Shares of Progress Software Co. (NASDAQ:PRGS) reached a new 52-week high during trading on Thursday . The stock traded as high as $68.02 and last traded at $67.86, with a volume of 18163 shares trading hands. The stock had previously closed at $67.80.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a 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 given a strong buy rating to the company. Based on data from MarketBeat, Progress Software currently has a consensus rating of “Buy” and a consensus price target of $67.67.

Progress Software Trading Up 0.3 %

The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 8.55 and a beta of 0.92. The business’s 50-day simple moving average is $62.93 and its two-hundred day simple moving average is $56.66. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last announced 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. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.90 earnings per share. Equities analysts forecast that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Anthony Folger sold 7,797 shares of Progress Software 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 in the company, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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 on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Institutional Trading of Progress Software

Institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the 2nd quarter valued at $27,000. GAMMA Investing LLC increased its stake in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the period. Blue Trust Inc. increased its stake in Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the period. EntryPoint Capital LLC increased its stake in Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares during the period. Finally, Quest Partners LLC acquired a new position in Progress Software in the 2nd quarter valued at $160,000.

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.