Progress Software (NASDAQ:PRGS) PT Raised to $70.00 at DA Davidson

Progress Software (NASDAQ:PRGS) had its price target hoisted by analysts at DA Davidson from $65.00 to $70.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. DA Davidson’s target price points to a potential upside of 6.32% from the stock’s previous close. DA Davidson also issued estimates for Progress Software’s Q4 2024 earnings at $1.02 EPS and FY2024 earnings at $3.96 EPS.

PRGS has been the subject of several other research reports. Jefferies Financial Group cut their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Oppenheimer raised their price objective on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Guggenheim reissued a “buy” rating and set a $64.00 price target on shares of Progress Software in a research note on Tuesday, June 25th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $66.00.

Progress Software Stock Up 3.0 %

PRGS stock opened at $65.84 on Wednesday. Progress Software has a one year low of $48.00 and a one year high of $66.06. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.95 and a current ratio of 1.12. The company has a fifty day moving average of $57.46 and a 200-day moving average of $53.71. The stock has a market capitalization of $2.82 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data 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 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 analyst estimates of $176.16 million. During the same quarter in the previous year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, analysts expect that Progress Software will post 3.91 EPS for the current year.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock worth $765,004 in the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

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