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

Progress Software (NASDAQ:PRGS) had its target price increased by DA Davidson from $65.00 to $70.00 in a research note released on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the software maker’s stock. DA Davidson also issued estimates for Progress Software’s Q4 2024 earnings at $1.02 EPS, FY2024 earnings at $3.96 EPS and FY2025 earnings at $5.15 EPS.

Other research analysts have also recently issued research reports about the company. 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. Oppenheimer raised their price target on Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a research note on Wednesday. Guggenheim restated a buy rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. StockNews.com cut shares of Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research report on Wednesday, June 26th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progress Software presently has a consensus rating of Buy and a consensus price target of $66.00.

Progress Software Stock Performance

Shares of Progress Software stock opened at $66.30 on Wednesday. Progress Software has a 52 week low of $48.00 and a 52 week high of $66.52. The company has a market capitalization of $2.84 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 7.32 and a beta of 0.91. The stock’s fifty day moving average is $57.67 and its two-hundred day moving average is $53.79. 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 posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.14 by $0.12. The company 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 11.55% and a return on equity of 38.35%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. As a group, analysts expect that Progress Software will post 3.91 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction that occurred 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 transaction, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s 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 owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,763 shares of company stock valued at $765,004. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Several large investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of Progress Software by 79.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 708,324 shares of the software maker’s stock worth $37,761,000 after buying an additional 312,537 shares during the period. Norges Bank acquired a new position in shares of Progress Software in the 4th quarter valued at $15,701,000. Swedbank AB raised its stake in Progress Software by 144.2% in the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after acquiring an additional 280,195 shares during the last quarter. Marshall Wace LLP lifted its position in Progress Software by 530.5% during the 2nd quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after acquiring an additional 221,336 shares during the period. Finally, Boston Trust Walden Corp grew its stake in Progress Software by 10.9% during 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 purchasing an additional 192,899 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.