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

Progress Software (NASDAQ:PRGS) had its price target upped by Guggenheim from $64.00 to $70.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other research analysts have also recently issued reports on the company. Jefferies Financial Group dropped their target price on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday, June 26th. Wedbush restated an outperform rating and set a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a buy rating in a research note on Wednesday. StockNews.com lowered Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. Finally, Oppenheimer increased their price target on shares of Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a report on Wednesday. One equities research 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. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $66.00.

Progress Software Stock Performance

Shares of PRGS stock opened at $66.30 on Wednesday. The company’s fifty day moving average price is $57.67 and its 200-day moving average price is $53.79. Progress Software has a 12 month low of $48.00 and a 12 month high of $66.52. The stock has a market cap of $2.84 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. 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 issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. On average, equities analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares in the company, valued at approximately $224,040.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of the business’s 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 directly owns 13,406 shares in the company, valued at approximately $750,467.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, 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 three months, insiders have sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted 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 worth $87,000 after purchasing an additional 371 shares during the period. US Bancorp DE raised its position in shares of Progress Software by 2.2% in the fourth quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock worth $1,016,000 after acquiring an additional 404 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the second quarter valued at approximately $27,000. Assetmark Inc. grew its position in shares of Progress Software by 19.5% in the fourth quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock valued at $179,000 after purchasing an additional 539 shares during the period. Finally, Hudson Edge Investment Partners Inc. lifted its stake in Progress Software by 5.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 11,159 shares of the software maker’s stock valued at $606,000 after buying an additional 569 shares in the last quarter.

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.