Progress Software (NASDAQ:PRGS) Reaches New 52-Week High – Here’s What Happened

Shares of Progress Software Co. (NASDAQ:PRGS) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $68.95 and last traded at $68.86, with a volume of 48351 shares trading hands. The stock had previously closed at $68.53.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Oppenheimer upped their price target 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. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Guggenheim raised their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $67.67.

Progress Software Trading Down 1.2 %

The stock has a market capitalization of $2.89 billion, a P/E ratio of 35.96, a price-to-earnings-growth ratio of 8.59 and a beta of 0.92. The business has a 50 day simple moving average of $63.73 and a 200-day simple moving average of $57.13. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the previous year, the business earned $0.90 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts predict that Progress Software Co. will post 3.96 EPS for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction 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 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Large investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software in the 2nd quarter valued at about $27,000. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 485 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares in the last quarter. EntryPoint Capital LLC raised its stake in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software during the second quarter worth $160,000.

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.