DA Davidson Boosts Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its target price hoisted by DA Davidson from $65.00 to $70.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the software maker’s stock. DA Davidson also issued estimates for Progress Software’s Q4 2024 earnings at $1.02 EPS, FY2024 earnings at $3.96 EPS and FY2025 earnings at $5.15 EPS.

Other equities research analysts have also issued research reports about the stock. Oppenheimer upped their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a report on Wednesday. StockNews.com cut shares of Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. Wedbush reiterated an outperform rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim reiterated a buy rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, Jefferies Financial Group lowered their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday, June 26th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $66.00.

Progress Software Trading Up 0.7 %

Progress Software stock opened at $66.30 on Wednesday. The stock has a 50-day moving average price of $57.67 and a 200 day moving average price of $53.79. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 40.43, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software has a 52 week low of $48.00 and a 52 week high of $66.52.

Progress Software (NASDAQ:PRGS) last released 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 company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 earnings per share. Sell-side analysts anticipate that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling at Progress Software

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

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently made changes to their positions in PRGS. Delphi Management Inc. MA grew its position in shares of Progress Software by 40.8% in the second quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock valued at $1,708,000 after purchasing an additional 9,127 shares during the period. Creative Planning increased its holdings in Progress Software by 50.9% in the 2nd quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after purchasing an additional 2,183 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Progress Software during the second quarter valued at approximately $236,000. Susquehanna Fundamental Investments LLC acquired a new position in Progress Software in the 2nd quarter worth $1,540,000. Finally, Mackenzie Financial Corp purchased a new position in Progress Software in the 2nd quarter valued at about $1,378,000.

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.