Progress Software Co. (NASDAQ:PRGS) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Progress Software Co. (NASDAQ:PRGS) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $67.67.

PRGS has been the subject of several recent research reports. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Oppenheimer raised their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd.

Progress Software Stock Up 0.8 %

Shares of NASDAQ:PRGS opened at $69.25 on Friday. The business’s 50 day moving average is $64.93 and its 200 day moving average is $57.88. The stock has a market cap of $2.97 billion, a P/E ratio of 37.03, a price-to-earnings-growth ratio of 8.67 and a beta of 0.92. Progress Software has a 52-week low of $48.00 and a 52-week high of $69.62. 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 results 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 business had revenue of $178.69 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. Sell-side analysts predict that Progress Software will post 3.96 EPS for the current year.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 $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 available through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Large investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the second quarter valued at approximately $27,000. GAMMA Investing LLC boosted its holdings in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares during the last quarter. TD Private Client Wealth LLC lifted its position in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 shares during the period. Finally, Quest Partners LLC acquired a new stake in Progress Software during the 2nd quarter worth about $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.