Progress Software Co. (NASDAQ:PRGS) Receives $67.67 Consensus Price Target from Analysts

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

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

Insider Transactions at Progress Software

In other news, 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 transaction, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction 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 sale, 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 disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Leuthold Group LLC increased its holdings in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after purchasing an additional 371,026 shares in the last quarter. Swedbank AB increased its stake in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock valued at $25,743,000 after buying an additional 280,195 shares during the period. Segall Bryant & Hamill LLC raised its holdings in Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after buying an additional 251,125 shares during the last quarter. Marshall Wace LLP boosted its position in Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after buying an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp grew its holdings in Progress Software by 10.9% during the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock worth $106,713,000 after acquiring an additional 192,899 shares during the last quarter.

Progress Software Stock Performance

Shares of PRGS stock opened at $69.64 on Friday. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 37.24, a PEG ratio of 8.73 and a beta of 0.92. The company has a 50-day simple moving average of $65.16 and a 200 day simple moving average of $58.06. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

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 analysts’ consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.90 earnings per share. On average, sell-side analysts predict that Progress Software will post 3.96 earnings per share for the current year.

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.