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

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research note published on Tuesday morning.

A number of other research firms also recently issued reports on PRGS. DA Davidson boosted their target price 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. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. 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, September 25th. Finally, Jefferies Financial Group cut their target price on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Progress Software currently has an average rating of “Moderate Buy” and a consensus target price 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 company has a market capitalization of $2.79 billion, a PE ratio of 34.82, a P/E/G ratio of 8.28 and a beta of 0.92. The firm has a fifty day simple moving average of $61.18 and a 200 day simple 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 quarterly earnings data 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. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. On average, sell-side analysts forecast that Progress Software will post 3.95 EPS for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The stock was 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 directly owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,844 shares of company stock valued at $656,550 in the last 90 days. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently made changes to their positions in PRGS. Vanguard Group Inc. boosted its holdings in Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Progress Software by 79.0% during 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 buying an additional 312,537 shares during the period. FORA Capital LLC lifted its holdings in Progress Software by 188.7% in the first quarter. FORA Capital LLC now owns 22,263 shares of the software maker’s stock worth $1,187,000 after buying an additional 14,551 shares during the period. Whittier Trust Co. boosted its position in Progress Software by 3.9% during the 1st quarter. Whittier Trust Co. now owns 83,998 shares of the software maker’s stock valued at $4,478,000 after acquiring an additional 3,125 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in Progress Software by 5.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 42,132 shares of the software maker’s stock valued at $2,246,000 after acquiring an additional 2,102 shares in 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.