Progress Software (NASDAQ:PRGS) Hits New 1-Year High – Here’s What Happened

Progress Software Co. (NASDAQ:PRGS)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $69.29 and last traded at $69.25, with a volume of 157398 shares trading hands. The stock had previously closed at $67.11.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRGS shares. DA Davidson raised their price objective 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. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. 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 stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $67.67.

Progress Software Stock Up 2.4 %

The stock has a market capitalization of $2.95 billion, a P/E ratio of 35.89, a P/E/G ratio of 8.30 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock’s 50 day simple moving average is $64.47 and its 200 day simple moving average is $57.63.

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 firm had revenue of $178.69 million for 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%. Progress Software’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Progress Software Co. will post 3.96 EPS for the current fiscal year.

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction on 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 directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Progress Software by 1.7% during the first quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker’s stock worth $300,127,000 after acquiring an additional 95,594 shares in the last quarter. Boston Trust Walden Corp increased its holdings in shares of 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 worth $106,713,000 after acquiring an additional 192,899 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after acquiring an additional 34,318 shares during the period. Principal Financial Group Inc. lifted its holdings in Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Progress Software by 11.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after purchasing an additional 99,479 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.