Progress Software (NASDAQ:PRGS) Given New $55.00 Price Target at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price objective trimmed by Jefferies Financial Group from $60.00 to $55.00 in a report released on Wednesday, Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

PRGS has been the subject of a number of other research reports. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a report on Wednesday, April 10th. Guggenheim reiterated a buy rating and set a $64.00 target price on shares of Progress Software in a report on Tuesday. DA Davidson initiated coverage on Progress Software in a report on Thursday, March 28th. They set a buy rating and a $65.00 target price for the company. JPMorgan Chase & Co. lowered their target price on Progress Software from $65.00 to $63.00 and set an overweight rating for the company in a report on Wednesday, March 27th. Finally, Oppenheimer restated an outperform rating and set a $66.00 price objective on shares of Progress Software in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software currently has an average rating of Moderate Buy and an average price target of $63.14.

Progress Software Price Performance

PRGS opened at $54.94 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50. Progress Software has a 12 month low of $48.00 and a 12 month high of $62.34. The company has a fifty day simple moving average of $50.45 and a 200 day simple moving average of $52.99. The stock has a market cap of $2.37 billion, a P/E ratio of 33.50, a P/E/G ratio of 6.33 and a beta of 0.93.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, March 26th. The software maker reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. Progress Software had a net margin of 10.29% and a return on equity of 35.79%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 EPS. On average, research analysts expect that Progress Software will post 3.85 EPS for the current year.

Insider Activity at Progress Software

In related news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now directly owns 86,641 shares in the company, valued at approximately $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director David Krall sold 20,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $51.00, for a total value of $1,020,000.00. Following the completion of the sale, the director now directly owns 86,641 shares in the company, valued at approximately $4,418,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the sale, the executive vice president now owns 17,195 shares of the company’s stock, valued at $857,858.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,761 shares of company stock worth $2,841,941. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently bought and sold shares of the stock. Kendall Capital Management lifted its position in Progress Software by 1.4% during the fourth quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after acquiring an additional 195 shares during the last quarter. Blue Trust Inc. lifted its position in Progress Software by 24.1% during the fourth quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock worth $65,000 after acquiring an additional 239 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in Progress Software by 1.2% during the fourth quarter. Illinois Municipal Retirement Fund now owns 25,303 shares of the software maker’s stock worth $1,374,000 after acquiring an additional 302 shares during the last quarter. US Bancorp DE lifted its position in Progress Software by 2.2% during 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 last quarter. Finally, GAMMA Investing LLC acquired a new stake in Progress Software during the fourth quarter worth approximately $28,000.

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.