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 note issued on Tuesday.

Several other equities analysts have also recently issued reports on the company. Oppenheimer boosted their price target on Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a report on Tuesday, September 10th. Guggenheim lifted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group cut their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.00.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $65.38 on Tuesday. The stock has a market cap of $2.80 billion, a P/E ratio of 39.87, a P/E/G ratio of 8.38 and a beta of 0.92. Progress Software has a twelve month low of $48.00 and a twelve month high of $67.89. The stock has a 50 day moving average of $60.46 and a two-hundred day moving average of $55.21. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last released 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 net margin of 11.55% and a return on equity of 38.69%. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the firm earned $0.90 EPS. Progress Software’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, research analysts forecast that Progress Software will post 3.95 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Progress Software by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after acquiring an additional 37,487 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Progress Software during the 1st quarter worth approximately $480,000. State Board of Administration of Florida Retirement System raised its position in shares of Progress Software by 63.0% during the 1st 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 during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Progress Software by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock valued at $25,908,000 after buying an additional 19,256 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Progress Software during the 1st quarter valued at $10,356,000.

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.