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

Progress Software (NASDAQ:PRGS) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.

A number of other equities analysts have also commented on PRGS. Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Oppenheimer lifted their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Progress Software currently has a consensus rating of “Buy” and a consensus target price of $66.00.

Progress Software Trading Up 3.0 %

Shares of PRGS stock opened at $65.84 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The firm has a market capitalization of $2.82 billion, a P/E ratio of 40.15, a P/E/G ratio of 7.28 and a beta of 0.91. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.06. The stock’s fifty day simple moving average is $57.46 and its 200 day simple moving average is $53.71.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data 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 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the transaction, the executive vice president now owns 13,406 shares in the company, valued at $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now owns 3,167 shares in the company, valued at $174,185. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,763 shares of company stock worth $765,004. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock worth $300,509,000 after buying an additional 37,487 shares in the last quarter. Entropy Technologies LP purchased a new position in Progress Software in the first quarter worth $480,000. State Board of Administration of Florida Retirement System grew its stake in Progress Software by 63.0% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after purchasing an additional 13,185 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after purchasing an additional 19,256 shares during the period. Finally, Swedbank AB purchased a new stake in shares of Progress Software during the 1st quarter valued at $10,356,000.

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.