Progress Software (NASDAQ:PRGS) Given New $80.00 Price Target at Oppenheimer

Progress Software (NASDAQ:PRGS) had its target price boosted by equities researchers at Oppenheimer from $70.00 to $80.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target would suggest a potential upside of 22.46% from the company’s previous close.

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

Progress Software Trading Down 0.1 %

NASDAQ:PRGS traded down $0.05 on Tuesday, reaching $65.33. The company’s stock had a trading volume of 148,206 shares, compared to its average volume of 507,306. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 8.34 and a beta of 0.92. The stock has a 50 day moving average price of $60.65 and a 200 day moving average price of $55.31. Progress Software has a 12-month low of $48.00 and a 12-month high of $67.89.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The business 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 quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. On average, equities analysts anticipate that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred 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 directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.40% of the stock is owned by insiders.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the second quarter worth about $27,000. GAMMA Investing LLC increased its stake in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the period. Blue Trust Inc. lifted its position in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after acquiring an additional 371 shares during the period. EntryPoint Capital LLC increased its stake in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after acquiring an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Progress Software during the 2nd quarter worth $160,000.

Progress Software Company Profile

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.