Brokerages Set Progress Software Co. (NASDAQ:PRGS) Price Target at $67.67

Progress Software Co. (NASDAQ:PRGS) has received an average rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $67.67.

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

Progress Software Price Performance

Shares of PRGS opened at $64.35 on Wednesday. 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 has a market cap of $2.76 billion, a PE ratio of 34.41, a PEG ratio of 8.18 and a beta of 0.92. Progress Software has a 12-month low of $48.00 and a 12-month high of $67.89. The business has a 50-day simple moving average of $62.09 and a two-hundred day simple moving average of $56.11.

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

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of PRGS. Atria Investments Inc grew its stake in shares of Progress Software by 12.6% in the 3rd quarter. Atria Investments Inc now owns 5,920 shares of the software maker’s stock worth $399,000 after acquiring an additional 663 shares in the last quarter. Assetmark Inc. boosted its holdings in Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the last quarter. Principal Financial Group Inc. increased its stake in Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after buying an additional 43,936 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Progress Software by 22.7% during the 3rd quarter. QRG Capital Management Inc. now owns 10,797 shares of the software maker’s stock worth $727,000 after buying an additional 1,996 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in shares of Progress Software by 2.8% in the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock worth $1,439,000 after buying an additional 583 shares during the last quarter.

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.