Progress Software (NASDAQ:PRGS) Rating Lowered to Buy at StockNews.com

StockNews.com lowered shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday morning.

Other equities research analysts also recently issued research reports about the stock. Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim raised their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. DA Davidson boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Jefferies Financial Group reduced their target price 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. Finally, Oppenheimer lifted their price target on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.67.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $65.12 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.79 billion, a P/E ratio of 34.82, a PEG ratio of 8.28 and a beta of 0.92. The company has a 50 day moving average of $61.18 and a 200 day moving average of $55.54. Progress Software has a twelve month low of $48.00 and a twelve month high of $67.89.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share. As a group, research analysts expect that Progress Software will post 3.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,844 shares of company stock worth $656,550 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its holdings in shares of 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 last quarter. GAMMA Investing LLC lifted its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Progress Software during the 2nd quarter valued at about $27,000. Exchange Traded Concepts LLC increased its holdings in shares of Progress Software by 1.9% in the third quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after purchasing an additional 559 shares during the period. Finally, Rehmann Capital Advisory Group raised its stake in shares of Progress Software by 9.7% in the first quarter. Rehmann Capital Advisory Group now owns 6,782 shares of the software maker’s stock worth $362,000 after purchasing an additional 602 shares during the last quarter.

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.