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

Progress Software (NASDAQ:PRGS) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Thursday.

Several other research analysts have also recently commented on PRGS. Oppenheimer raised their target price on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. DA Davidson lifted their target price 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. 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. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group lowered their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.00.

Progress Software Stock Performance

Shares of PRGS traded down $0.61 during trading hours on Thursday, reaching $64.81. 601,522 shares of the company traded hands, compared to its average volume of 511,226. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.95 and a current ratio of 1.23. The stock’s fifty day moving average is $58.28 and its 200 day moving average is $54.07. Progress Software has a 1-year low of $48.00 and a 1-year high of $67.48. The stock has a market cap of $2.77 billion, a P/E ratio of 39.52, a price-to-earnings-growth ratio of 8.44 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter in the prior year, the firm posted $0.90 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts anticipate that Progress Software will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s 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 $750,467.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Loren Jarrett sold 9,961 shares of the 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 sale, the executive vice president now owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders have sold a total of 10,845 shares of company stock worth $607,170 over the last ninety days. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the second quarter valued at approximately $27,000. 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 buying an additional 371 shares during the period. EntryPoint Capital LLC raised its position in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Progress Software during the second quarter valued at $160,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Progress Software during the second quarter valued at $204,000.

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.