Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00 at Guggenheim

Progress Software (NASDAQ:PRGS) had its target price boosted by Guggenheim from $64.00 to $70.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other research firms have also recently weighed in on PRGS. 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 report on Wednesday, June 26th. Oppenheimer upped their price target on Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research note on Wednesday. DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday. Wedbush reiterated an outperform rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, StockNews.com cut Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Progress Software currently has an average rating of Buy and an average target price of $66.00.

Progress Software Stock Performance

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

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) 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 firm had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period last year, the business posted $0.90 earnings per share. Progress Software’s revenue was up 1.7% compared to the same quarter last year. Equities analysts anticipate that Progress Software will post 3.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the company’s stock in a transaction on 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 transaction, 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 worth $765,004. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after purchasing an additional 95,594 shares during the last quarter. Boston Trust Walden Corp lifted its stake in shares of Progress Software by 10.9% in 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 purchasing an additional 192,899 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after purchasing an additional 34,318 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Progress Software by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock valued at $55,049,000 after acquiring an additional 6,166 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after purchasing an additional 156,796 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.