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

Shares of Progress Software Co. (NASDAQ:PRGS) have been given a consensus rating of “Moderate Buy” by the six analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $67.67.

Several equities analysts recently weighed in on PRGS shares. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim lifted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. DA Davidson increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Finally, Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the 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 directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after purchasing an additional 34,318 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Progress Software by 4.4% during the third 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. Allspring Global Investments Holdings LLC boosted its holdings in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after buying an additional 99,479 shares in the last quarter. Seizert Capital Partners LLC grew its position in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after buying an additional 20,355 shares during the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in shares of Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares in the last quarter.

Progress Software Price Performance

PRGS stock opened at $66.38 on Thursday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 7.35 and a beta of 0.92. The firm’s 50-day moving average price is $67.14 and its two-hundred day moving average price is $60.28. 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 has a 12-month low of $48.00 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. As a group, equities analysts predict that Progress Software will post 3.96 earnings per share for the current year.

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.