Analysts Set Progress Software Co. (NASDAQ:PRGS) Price Target at $67.67

Shares of Progress Software Co. (NASDAQ:PRGS) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $67.67.

PRGS has been the topic of several analyst reports. Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note 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. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Wedbush reissued an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th.

Progress Software Stock Up 1.3 %

Shares of NASDAQ PRGS opened at $64.77 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 52 week low of $48.00 and a 52 week high of $67.89. The firm’s fifty day moving average is $62.22 and its 200 day moving average is $56.29. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 8.14 and a beta of 0.92.

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

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the company’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 completion of the transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in Progress Software in the 2nd quarter worth about $27,000. GAMMA Investing LLC lifted its stake in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares during the period. Blue Trust Inc. lifted its stake in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares during the period. EntryPoint Capital LLC lifted its stake in 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 acquiring an additional 1,977 shares during the period. Finally, Quest Partners LLC bought a new position in Progress Software during the 2nd quarter valued at about $160,000.

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.