Guggenheim Raises Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its target price hoisted by Guggenheim from $64.00 to $70.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities analysts have also issued reports on the stock. Oppenheimer boosted their target price on shares of Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a report on Wednesday. StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a research note on Wednesday, June 26th. DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the company a buy rating in a research note on Wednesday. Wedbush reaffirmed an outperform rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Finally, 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 research report on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progress Software presently has an average rating of Buy and an average target price of $66.00.

Progress Software Stock Performance

Shares of Progress Software stock opened at $66.30 on Wednesday. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of 40.43, a P/E/G ratio of 7.32 and a beta of 0.91. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.52. The company’s fifty day moving average is $57.67 and its 200 day moving average is $53.79. 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 (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 38.35% and a net margin of 11.55%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Sell-side analysts forecast that Progress Software will post 3.91 EPS for the current year.

Insider Activity at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction 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 $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the 2nd quarter worth approximately $27,000. Blue Trust Inc. boosted its position in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC grew 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 purchasing an additional 1,977 shares during the period. TFO Wealth Partners LLC increased its position in shares of Progress Software by 225,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Progress Software during the 2nd quarter worth $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.