Progress Software Co. (NASDAQ:PRGS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Progress Software Co. (NASDAQ:PRGS) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $67.67.

Several equities analysts recently commented on the stock. DA Davidson increased their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the firm’s 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 transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new position in shares of Progress Software in the third quarter worth about $1,626,000. Hohimer Wealth Management LLC acquired a new position in Progress Software in the 3rd quarter valued at about $225,000. Rehmann Capital Advisory Group increased its stake in Progress Software by 7.0% during the third quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker’s stock worth $645,000 after acquiring an additional 619 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares during the period. Finally, XTX Topco Ltd increased its holdings in Progress Software by 107.5% in the 3rd quarter. XTX Topco Ltd now owns 17,149 shares of the software maker’s stock valued at $1,155,000 after purchasing an additional 8,886 shares during the last quarter.

Progress Software Trading Down 3.8 %

NASDAQ PRGS opened at $66.22 on Thursday. 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 stock’s 50-day simple moving average is $67.11 and its two-hundred day simple moving average is $60.13. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 35.41, a PEG ratio of 7.35 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the previous year, the company posted $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% compared to the same quarter last year. Research analysts forecast that Progress Software will post 3.96 EPS for the current fiscal year.

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.