Progress Software (NASDAQ:PRGS) Receives “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Progress Software (NASDAQ:PRGS) in a research note published on Tuesday,Benzinga reports. The brokerage currently has a $75.00 target price on the software maker’s stock.

Several other analysts have also issued reports on PRGS. DA Davidson restated a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Jefferies Financial Group lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.17.

Progress Software Stock Performance

NASDAQ:PRGS opened at $57.76 on Tuesday. The company’s 50-day moving average is $55.72 and its two-hundred day moving average is $62.08. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 37.03, a PEG ratio of 2.82 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. Analysts forecast that Progress Software will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at approximately $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,482 shares of company stock worth $984,621. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Large investors have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its stake in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after buying an additional 296 shares during the period. Orion Capital Management LLC acquired a new stake in Progress Software in the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC lifted its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares during the last quarter. GAMMA Investing LLC grew its holdings in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after acquiring an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 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.