Progress Software (NASDAQ:PRGS) Stock Rating Reaffirmed by DA Davidson

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by investment analysts at DA Davidson in a research report issued on Tuesday, Benzinga reports. They presently have a $65.00 price objective on the software maker’s stock. DA Davidson’s price objective suggests a potential upside of 14.50% from the stock’s current price.

PRGS has been the topic of several other reports. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Wedbush raised their price objective on shares of Progress Software from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, June 26th. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, Guggenheim reiterated a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Progress Software Trading Up 1.0 %

Shares of PRGS stock traded up $0.55 during mid-day trading on Tuesday, hitting $56.77. 8,821 shares of the company’s stock were exchanged, compared to its average volume of 468,108. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $60.33. The stock has a 50-day simple moving average of $56.51 and a two-hundred day simple moving average of $53.25. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 7.38 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last released its earnings results on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a return on equity of 36.88% and a net margin of 10.29%. The company had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. Equities analysts expect that Progress Software will post 3.91 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the 2nd quarter valued at about $27,000. Principal Securities Inc. purchased a new position in Progress Software during the fourth quarter valued at approximately $68,000. Blue Trust Inc. lifted its position 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 valued at $87,000 after buying an additional 371 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after acquiring an additional 1,977 shares in the last quarter. Finally, TFO Wealth Partners LLC raised its stake in Progress Software by 225,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after acquiring an additional 2,251 shares during the last quarter.

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.