Progress Software Co. (NASDAQ:PRGS) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Progress Software Co. (NASDAQ:PRGS) have been given an average recommendation of “Moderate Buy” by the six research firms that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $74.33.

PRGS has been the subject of a number of recent analyst reports. DA Davidson lowered their price target on Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. Finally, Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, April 1st.

Insiders Place Their Bets

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. This trade represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.60% 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 Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after purchasing an additional 45,246 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Progress Software by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock valued at $66,039,000 after buying an additional 4,927 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 15.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock valued at $49,642,000 after buying an additional 125,345 shares in the last quarter. Invesco Ltd. increased its holdings in Progress Software by 0.7% during the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock worth $52,284,000 after buying an additional 5,474 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Progress Software by 11.6% during the fourth quarter. Deutsche Bank AG now owns 789,109 shares of the software maker’s stock worth $51,410,000 after buying an additional 82,156 shares during the last quarter.

Progress Software Stock Performance

Shares of Progress Software stock opened at $63.09 on Thursday. The firm has a fifty day moving average of $60.16 and a two-hundred day moving average of $60.35. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 40.44, a PEG ratio of 2.82 and a beta of 0.67. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. During the same quarter in the prior year, the company posted $1.25 earnings per share. The firm’s revenue was up 28.9% on a year-over-year basis. As a group, equities research analysts predict that Progress Software will post 4.01 EPS for the current year.

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.