Progress Software (NASDAQ:PRGS) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Progress Software (NASDAQ:PRGS) from a buy rating to a strong-buy rating in a report issued on Wednesday morning.

Several other analysts also recently commented on PRGS. Guggenheim raised 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. 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 note on Tuesday, October 22nd. DA Davidson increased their price objective 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. Finally, Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Trading Down 0.7 %

PRGS opened at $64.68 on Wednesday. Progress Software has a twelve month low of $48.00 and a twelve month high of $67.89. The company has a fifty day moving average of $61.81 and a 200-day moving average of $55.96. The stock has a market cap of $2.77 billion, a PE ratio of 34.59, a price-to-earnings-growth ratio of 8.21 and a beta of 0.92. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

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

Insider Buying and Selling at Progress Software

In other 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the second quarter worth $27,000. GAMMA Investing LLC lifted its position in Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the last quarter. Blue Trust Inc. boosted its stake in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. EntryPoint Capital LLC grew its position in Progress Software by 993.5% during 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 purchased a new position in shares of Progress Software during the second quarter worth approximately $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.