StockNews.com Lowers Progress Software (NASDAQ:PRGS) to Buy

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research report report published on Thursday.

A number of other equities research analysts have also weighed in on PRGS. Oppenheimer boosted their price target on Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research note on Wednesday, September 25th. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a buy rating in a research note on Wednesday, September 25th. Wedbush reaffirmed an outperform rating and issued a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday, June 26th. Finally, DA Davidson raised their target price on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $66.00.

Progress Software Stock Up 2.3 %

Shares of Progress Software stock opened at $66.29 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a market cap of $2.84 billion, a P/E ratio of 40.42, a PEG ratio of 8.44 and a beta of 0.92. The firm’s 50 day moving average price is $58.60 and its 200-day moving average price is $54.24. Progress Software has a 52-week low of $48.00 and a 52-week high of $67.48.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business 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 company earned $0.90 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, sell-side analysts predict that Progress Software will post 3.95 EPS for the current fiscal 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 stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently made changes to their positions in PRGS. Canada Pension Plan Investment Board purchased a new position in Progress Software in the second quarter valued at $27,000. Blue Trust Inc. raised its holdings in Progress Software by 29.2% in the 2nd 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 period. EntryPoint Capital LLC boosted its position in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after purchasing an additional 1,977 shares in the last quarter. Quest Partners LLC acquired a new stake in Progress Software in the second quarter valued at approximately $160,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Progress Software in the second quarter valued at approximately $204,000.

Progress Software Company Profile

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.