Progress Software (NASDAQ:PRGS) Sets New 12-Month High – Here’s What Happened

Progress Software Co. (NASDAQ:PRGS) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $67.48 and last traded at $67.47, with a volume of 129886 shares traded. The stock had previously closed at $66.62.

Analysts Set New Price Targets

PRGS has been the topic of several research reports. Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. DA Davidson lifted their target price 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. Guggenheim upped their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Monday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Buy” and an average target price of $66.00.

Progress Software Price Performance

The firm has a market cap of $2.88 billion, a P/E ratio of 40.62, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92. The business has a 50-day simple moving average of $59.83 and a 200 day simple moving average of $54.90. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.95 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 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.90 earnings per share. On average, analysts anticipate that Progress Software Co. will post 3.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Canada Pension Plan Investment Board bought a new stake in Progress Software during the 2nd quarter valued at approximately $27,000. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. Blue Trust Inc. lifted its position in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the period. EntryPoint Capital LLC boosted its holdings in shares of Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after buying an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software in the 2nd quarter worth about $160,000.

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.