Progress Software (NASDAQ:PRGS) Price Target Increased to $80.00 by Analysts at Oppenheimer

Progress Software (NASDAQ:PRGS) had its target price raised by Oppenheimer from $70.00 to $80.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

Several other research analysts have also weighed in on PRGS. Jefferies Financial Group reduced their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, 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. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Stock Down 0.3 %

Shares of PRGS opened at $64.90 on Tuesday. Progress Software has a 52 week low of $48.00 and a 52 week high of $67.89. The company has a 50-day simple moving average of $61.34 and a 200-day simple moving average of $55.64. The firm has a market capitalization of $2.78 billion, a P/E ratio of 34.71, a P/E/G ratio of 8.28 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share 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 business had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period last year, the company posted $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities research analysts expect that Progress Software will post 3.95 earnings per share for the current year.

Insider Activity

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 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 owns 3,167 shares in the company, valued at $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,844 shares of company stock valued at $656,550 over the last three months. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PRGS. Vanguard Group Inc. grew its stake in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Progress Software during the first quarter worth approximately $480,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Progress Software by 63.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock valued at $1,960,000 after buying an additional 13,185 shares during the period. DekaBank Deutsche Girozentrale grew its position in Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after buying an additional 19,256 shares in the last quarter. Finally, Swedbank AB bought a new position in Progress Software during the 1st quarter worth $10,356,000.

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.