Progress Software (NASDAQ:PRGS) Lifted to Strong-Buy at StockNews.com

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

Several other research analysts also recently issued reports on the company. Wedbush reaffirmed an outperform rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday, June 26th. Oppenheimer increased their price target on shares of Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a research note on Wednesday. DA Davidson increased their target price on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Finally, Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Progress Software presently has an average rating of Buy and a consensus price target of $66.00.

Progress Software Stock Up 0.7 %

PRGS stock opened at $66.30 on Wednesday. Progress Software has a 1 year low of $48.00 and a 1 year high of $66.52. The company has a fifty day simple moving average of $57.67 and a 200 day simple moving average of $53.79. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.84 billion, a PE ratio of 40.43, a PEG ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the business posted $0.90 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Sell-side analysts anticipate that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Ian Pitt sold 584 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the transaction, the insider now owns 3,167 shares in the company, valued at $174,185. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares of the company’s stock, valued at $224,040.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,763 shares of company stock valued at $765,004. Company insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of institutional investors and hedge funds have recently bought and sold shares of PRGS. Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after acquiring an additional 312,537 shares during the period. Norges Bank purchased a new stake in Progress Software during the 4th quarter worth about $15,701,000. Swedbank AB boosted its position in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after acquiring an additional 280,195 shares during the period. Marshall Wace LLP raised its position in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after buying an additional 221,336 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its position in shares of Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares during the last quarter.

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.