Progress Software (NASDAQ:PRGS) Stock Rating Upgraded by StockNews.com

Progress Software (NASDAQ:PRGS) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.

Other equities research analysts also recently issued reports about the stock. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Wedbush reissued an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim lifted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Up 0.7 %

Shares of NASDAQ:PRGS opened at $65.13 on Wednesday. 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 twelve month low of $48.00 and a twelve month high of $67.89. The company has a market capitalization of $2.79 billion, a PE ratio of 34.83, a P/E/G ratio of 8.21 and a beta of 0.92. The firm has a 50 day simple moving average of $61.67 and a 200-day simple moving average of $55.90.

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, topping the consensus estimate of $1.14 by $0.12. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate 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 for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, equities analysts predict that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Progress Software news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The shares were 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 in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on Wednesday, October 16th. The stock was 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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 9,844 shares of company stock worth $656,550. 3.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently added to or reduced their stakes in PRGS. Entropy Technologies LP acquired a new position in Progress Software in the 1st quarter valued at approximately $480,000. State Board of Administration of Florida Retirement System boosted its stake in 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 acquiring an additional 13,185 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker’s stock worth $25,908,000 after purchasing an additional 19,256 shares in the last quarter. Swedbank AB acquired a new position in Progress Software in the first quarter valued at about $10,356,000. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Progress Software in the second quarter worth about $1,692,000.

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.