Progress Software Co. (NASDAQ:PRGS) Given Average Recommendation of “Moderate Buy” by Analysts

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $67.67.

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

Progress Software Stock Performance

NASDAQ PRGS opened at $66.22 on Thursday. The company has a market cap of $2.84 billion, a P/E ratio of 35.41, a PEG ratio of 7.35 and a beta of 0.92. The company has a fifty day simple moving average of $67.11 and a 200 day simple moving average of $60.13. 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 12-month low of $48.00 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same period last year, the company earned $0.90 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts predict that Progress Software will post 3.96 earnings per share for the current fiscal year.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the business’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 sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new stake in Progress Software during the second quarter valued at $27,000. GAMMA Investing LLC raised its holdings in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of 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 last quarter. Finally, Quest Partners LLC purchased a new position in shares of Progress Software during the second quarter worth about $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.