Progress Software (NASDAQ:PRGS) Stock Rating Upgraded by StockNews.com

Progress Software (NASDAQ:PRGS) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Monday.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. DA Davidson upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim upped their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Oppenheimer upped their price objective on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $66.00.

Progress Software Price Performance

Shares of PRGS stock traded up $0.90 on Monday, reaching $66.25. The company had a trading volume of 756,412 shares, compared to its average volume of 510,756. The stock has a market capitalization of $2.83 billion, a PE ratio of 40.40, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a one year low of $48.00 and a one year high of $67.48. The business’s 50-day moving average is $59.60 and its 200 day moving average is $54.81.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. The firm 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 business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities research analysts forecast that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several large investors have recently modified their holdings of PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the 2nd quarter valued at $27,000. GAMMA Investing LLC increased its stake in shares of Progress Software by 76.7% in 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 in the last quarter. Blue Trust Inc. increased its stake in shares of Progress Software by 29.2% in 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 in the last quarter. EntryPoint Capital LLC increased its stake in shares of Progress Software by 993.5% in 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 in the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Progress Software in the 2nd quarter valued at $160,000.

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.