Progress Software (NASDAQ:PRGS) PT Raised to $80.00

Progress Software (NASDAQ:PRGS) had its price objective upped by stock analysts at Oppenheimer from $70.00 to $80.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target points to a potential upside of 23.32% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Guggenheim upped their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. DA Davidson raised their target price 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. Finally, Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.67.

Progress Software Stock Performance

NASDAQ:PRGS opened at $64.87 on Tuesday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 39.55, a PEG ratio of 8.34 and a beta of 0.92. Progress Software has a 52-week low of $48.00 and a 52-week high of $67.89. The business’s fifty day moving average is $60.83 and its 200 day moving average is $55.41.

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

Insider Buying and Selling at Progress Software

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 shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRGS. Foundations Investment Advisors LLC bought a new position in Progress Software during the 3rd quarter worth approximately $248,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after purchasing an additional 99,479 shares during the period. Inspire Advisors LLC bought a new position in shares of Progress Software in the third quarter worth approximately $237,000. Creative Planning increased its stake in shares of Progress Software by 20.1% in the third quarter. Creative Planning now owns 7,774 shares of the software maker’s stock worth $524,000 after buying an additional 1,300 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in Progress Software by 1.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 29,559 shares of the software maker’s stock valued at $1,991,000 after buying an additional 559 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.