Progress Software (NASDAQ:PRGS) PT Raised to $70.00

Progress Software (NASDAQ:PRGS) had its price target hoisted by equities researchers at Oppenheimer from $66.00 to $70.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target would suggest a potential upside of 22.48% from the stock’s previous close.

A number of other brokerages also recently weighed in on PRGS. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Guggenheim reiterated a “buy” rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, DA Davidson reiterated a “buy” rating and set a $65.00 price target on shares of Progress Software in a report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and an average target price of $64.17.

Progress Software Stock Up 0.5 %

Shares of Progress Software stock opened at $57.15 on Wednesday. Progress Software has a 1-year low of $48.00 and a 1-year high of $60.33. The company has a market capitalization of $2.44 billion, a P/E ratio of 34.85, a PEG ratio of 7.28 and a beta of 0.91. The business’s fifty day moving average price is $57.13 and its two-hundred day moving average price is $53.55. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $178.69 million for the quarter, compared to analysts’ expectations of $176.16 million. During the same period last year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, research analysts forecast that Progress Software will post 3.91 EPS for the current year.

Insider Activity at Progress Software

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software 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 completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Progress Software news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Delphi Management Inc. MA lifted its position in shares of Progress Software by 40.8% in the second quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock worth $1,708,000 after buying an additional 9,127 shares during the last quarter. Creative Planning lifted its position in shares of Progress Software by 50.9% in the second quarter. Creative Planning now owns 6,474 shares of the software maker’s stock worth $351,000 after buying an additional 2,183 shares during the last quarter. Algert Global LLC bought a new position in shares of Progress Software in the second quarter worth about $236,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Progress Software in the second quarter worth about $1,540,000. Finally, Mackenzie Financial Corp bought a new position in shares of Progress Software in the second quarter worth about $1,378,000.

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.