Guggenheim Increases Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its price objective raised by stock analysts at Guggenheim from $64.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Guggenheim’s price objective would indicate a potential upside of 6.32% from the company’s current price.

PRGS has been the subject of a number of other reports. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 26th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. DA Davidson boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Finally, Oppenheimer upped their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $66.00.

Progress Software Trading Up 3.0 %

NASDAQ PRGS opened at $65.84 on Wednesday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The stock has a market capitalization of $2.82 billion, a P/E ratio of 40.15, a PEG ratio of 7.28 and a beta of 0.91. The firm’s 50-day moving average is $57.46 and its two-hundred day moving average is $53.71. Progress Software has a 12 month low of $48.00 and a 12 month high of $66.06.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The business 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 10.29% and a return on equity of 36.88%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. On average, sell-side analysts anticipate that Progress Software will post 3.91 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total value of $157,834.62. Following the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, the insider now directly owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at approximately $750,467.88. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock worth $765,004 over the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Progress Software by 1.7% in the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock valued at $300,127,000 after purchasing an additional 95,594 shares during the last quarter. Boston Trust Walden Corp grew its position in shares of Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after buying an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after buying an additional 34,318 shares during the last quarter. Principal Financial Group Inc. raised its stake in Progress Software by 0.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,032,624 shares of the software maker’s stock worth $55,049,000 after acquiring an additional 6,166 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock valued at $46,941,000 after acquiring an additional 156,796 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.