Progress Software (NASDAQ:PRGS) Reaches New 12-Month High – Here’s Why

Progress Software Co. (NASDAQ:PRGS) reached a new 52-week high during trading on Thursday . The company traded as high as $69.29 and last traded at $69.25, with a volume of 157398 shares traded. The stock had previously closed at $67.11.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PRGS. DA Davidson lifted their price target 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. Guggenheim lifted their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $67.67.

Progress Software Stock Up 0.8 %

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 business has a 50 day simple moving average of $64.93 and a 200 day simple moving average of $57.83. The stock has a market cap of $2.97 billion, a PE ratio of 37.03, a P/E/G ratio of 8.67 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’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 EPS. On average, equities research analysts forecast that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Activity

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 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 of the company’s stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Institutional investors and hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale grew its position in Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after purchasing an additional 19,256 shares during the last quarter. Swedbank AB acquired a new position in Progress Software in the 1st quarter valued at approximately $10,356,000. Victory Capital Management Inc. lifted its position in shares of Progress Software by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after acquiring an additional 42,773 shares during the period. Wedge Capital Management L L P NC bought a new position in Progress Software in the second quarter worth $1,692,000. Finally, Lombard Odier Asset Management USA Corp acquired a new stake in Progress Software during the second quarter worth $494,000.

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.