Progress Software (NASDAQ:PRGS) Hits New 52-Week High – Time to Buy?

Progress Software Co. (NASDAQ:PRGS)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $68.95 and last traded at $68.86, with a volume of 48351 shares changing hands. The stock had previously closed at $68.53.

Analyst Ratings Changes

PRGS has been the subject of a number of analyst reports. 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. Oppenheimer increased their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. DA Davidson boosted 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. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Guggenheim boosted 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. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Down 0.4 %

The business’s 50 day moving average is $63.34 and its 200 day moving average is $56.98. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 8.64 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last posted 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. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the previous year, the firm earned $0.90 earnings per share. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 in the company, valued at approximately $206,076.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Progress Software news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % 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.

Institutional Investors Weigh In On Progress Software

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Progress Software by 1.7% in the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after acquiring an additional 95,594 shares in the last quarter. Boston Trust Walden Corp boosted its stake in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after acquiring an additional 192,899 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after acquiring an additional 34,318 shares in the last quarter. Principal Financial Group Inc. boosted its position in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after purchasing an additional 43,936 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after purchasing an additional 99,479 shares during the last quarter.

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.