Progress Software (NASDAQ:PRGS) Receives New Coverage from Analysts at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group started coverage on shares of Progress Software (NASDAQ:PRGSGet Rating) in a research note issued on Friday, The Fly reports. The firm set a “hold” rating on the software maker’s stock.

Several other equities analysts have also commented on PRGS. Wedbush reaffirmed an “outperform” rating on shares of Progress Software in a report on Wednesday, June 29th. Oppenheimer lowered their price target on shares of Progress Software from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, June 29th. Finally, Guggenheim started coverage on shares of Progress Software in a report on Friday, August 12th. They issued a “buy” rating and a $60.00 target price for the company. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.25.

Progress Software Trading Down 0.1 %

NASDAQ:PRGS opened at $46.67 on Friday. Progress Software has a one year low of $41.68 and a one year high of $53.99. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.25 and a quick ratio of 1.25. The firm has a 50-day moving average of $47.04 and a 200-day moving average of $46.77. The company has a market cap of $2.03 billion, a PE ratio of 21.71, a PEG ratio of 6.74 and a beta of 1.00.

Progress Software (NASDAQ:PRGSGet Rating) last released its earnings results on Tuesday, June 28th. The software maker reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.07. The firm had revenue of $148.70 million during the quarter, compared to the consensus estimate of $146.45 million. Progress Software had a net margin of 16.42% and a return on equity of 41.13%. The company’s revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 EPS. As a group, equities research analysts expect that Progress Software will post 3.47 EPS for the current fiscal year.

Insider Activity at Progress Software

In related news, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $46.58, for a total value of $232,900.00. Following the sale, the chief executive officer now owns 75,000 shares of the company’s stock, valued at approximately $3,493,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, EVP Jennifer Ortiz sold 1,254 shares of Progress Software stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $50.14, for a total value of $62,875.56. Following the completion of the transaction, the executive vice president now directly owns 4,984 shares of the company’s stock, valued at approximately $249,897.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Yogesh K. Gupta sold 5,000 shares of Progress Software stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $46.58, for a total value of $232,900.00. Following the completion of the transaction, the chief executive officer now directly owns 75,000 shares of the company’s stock, valued at $3,493,500. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,254 shares of company stock valued at $779,826. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC grew its position in shares of Progress Software by 20.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,413 shares of the software maker’s stock worth $68,000 after buying an additional 241 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Progress Software during the first quarter worth approximately $85,000. SG Americas Securities LLC purchased a new stake in Progress Software during the first quarter worth approximately $108,000. Simplex Trading LLC lifted its stake in Progress Software by 139.2% during the first quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock worth $112,000 after purchasing an additional 8,469 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its stake in Progress Software by 50.0% during the first quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock worth $123,000 after purchasing an additional 874 shares during the last quarter. 98.90% of the stock is owned by institutional investors and hedge funds.

Progress Software Company Profile

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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