Progress Software Co. (NASDAQ:PRGS) Receives $67.67 Average PT from Analysts

Shares of Progress Software Co. (NASDAQ:PRGS) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $67.67.

Several analysts have recently issued reports on the stock. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, DA Davidson upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th.

Progress Software Stock Performance

NASDAQ PRGS opened at $68.41 on Friday. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 36.58, a PEG ratio of 8.63 and a beta of 0.92. The stock has a 50-day moving average of $66.01 and a 200 day moving average of $58.45. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping 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 business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the company posted $0.90 EPS. The business’s quarterly revenue was up 1.7% on a year-over-year basis. Sell-side analysts anticipate that Progress Software will post 3.96 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the firm’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 completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were 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. 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 currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new position in shares of Progress Software in the 3rd quarter worth approximately $1,626,000. Hohimer Wealth Management LLC acquired a new position in Progress Software during the third quarter worth $225,000. Rehmann Capital Advisory Group raised its holdings in shares of Progress Software by 7.0% in the 3rd quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker’s stock valued at $645,000 after buying an additional 619 shares during the period. TD Private Client Wealth LLC boosted its holdings in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the period. Finally, XTX Topco Ltd grew its position in Progress Software by 107.5% in the 3rd quarter. XTX Topco Ltd now owns 17,149 shares of the software maker’s stock valued at $1,155,000 after acquiring an additional 8,886 shares in 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.