Progress Software (NASDAQ:PRGS) Sets New 12-Month High – Should You Buy?

Shares of Progress Software Co. (NASDAQ:PRGS) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $68.95 and last traded at $68.86, with a volume of 48351 shares changing hands. The stock had previously closed at $68.53.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PRGS. Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer boosted their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim increased their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, DA Davidson boosted their price target 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. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $67.67.

Progress Software Stock Down 0.4 %

The firm’s 50-day simple moving average is $63.34 and its two-hundred day simple moving average is $56.98. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 36.76, a PEG ratio of 8.64 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same quarter last year, the business posted $0.90 earnings per share. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the 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 transaction, the insider now 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 document filed with the SEC, which is available through this hyperlink. In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of Progress Software 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 transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Entropy Technologies LP acquired a new position in shares of Progress Software during the first quarter worth about $480,000. State Board of Administration of Florida Retirement System lifted its position in shares of Progress Software by 63.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 34,115 shares of the software maker’s stock worth $1,960,000 after purchasing an additional 13,185 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after purchasing an additional 19,256 shares during the last quarter. Swedbank AB bought a new position in Progress Software in the first quarter valued at $10,356,000. Finally, Wedge Capital Management L L P NC acquired a new stake in Progress Software in the 2nd quarter valued at $1,692,000.

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.