Progress Software (NASDAQ:PRGS) Receives New Coverage from Analysts at DA Davidson

Stock analysts at DA Davidson assumed coverage on shares of Progress Software (NASDAQ:PRGS) in a research report issued on Thursday, Marketbeat.com reports. The brokerage set a “buy” rating and a $65.00 price target on the software maker’s stock. DA Davidson’s price objective would suggest a potential upside of 23.50% from the stock’s previous close.

A number of other research analysts also recently issued reports on PRGS. JPMorgan Chase & Co. decreased their price target on shares of Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday. Oppenheimer restated an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday. Finally, Wedbush boosted their price objective on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $64.50.

Progress Software Trading Down 0.0 %

NASDAQ PRGS opened at $52.63 on Thursday. The firm has a 50 day simple moving average of $55.29 and a 200-day simple moving average of $54.21. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.94. Progress Software has a one year low of $49.02 and a one year high of $62.34. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 6.94 and a beta of 0.95.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Progress Software had a net margin of 9.67% and a return on equity of 37.04%. The company had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Progress Software will post 3.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the business’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $52.12, for a total transaction of $39,090.00. Following the sale, the executive vice president now directly owns 13,942 shares in the company, valued at approximately $726,657.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Domenic Lococo sold 4,503 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $57.00, for a total transaction of $256,671.00. Following the transaction, the chief accounting officer now owns 2,900 shares of the company’s stock, valued at $165,300. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $52.12, for a total transaction of $39,090.00. Following the transaction, the executive vice president now directly owns 13,942 shares in the company, valued at approximately $726,657.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,998 shares of company stock worth $4,651,992. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently modified their holdings of PRGS. Comerica Bank acquired a new stake in shares of Progress Software in the second quarter worth approximately $37,308,000. Mizuho Markets Americas LLC purchased a new position in Progress Software in the third quarter valued at approximately $27,737,000. Norges Bank purchased a new position in Progress Software in the fourth quarter valued at approximately $20,040,000. Diamond Hill Capital Management Inc. purchased a new position in Progress Software in the third quarter valued at approximately $18,751,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Progress Software by 1,128.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 355,742 shares of the software maker’s stock valued at $20,437,000 after buying an additional 326,780 shares during the period.

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.