Progress Software Co. (NASDAQ:PRGS) Given Average Rating of “Moderate Buy” by Analysts

Progress Software Co. (NASDAQ:PRGS) has earned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $67.67.

A number of analysts recently weighed in on the stock. DA Davidson upped their price target 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. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the company’s 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 sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value 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 position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRGS. Victory Capital Management Inc. grew its position in shares of Progress Software by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock valued at $7,521,000 after buying an additional 42,773 shares during the last quarter. Seizert Capital Partners LLC grew its holdings in shares of Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares during the last quarter. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Progress Software during the 2nd quarter worth approximately $494,000. Segall Bryant & Hamill LLC lifted its holdings in shares of Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Progress Software by 22.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after purchasing an additional 156,796 shares during the last quarter.

Progress Software Stock Performance

NASDAQ PRGS opened at $66.26 on Thursday. The business’s 50-day simple moving average is $67.10 and its 200-day simple moving average is $60.69. The firm has a market capitalization of $2.84 billion, a P/E ratio of 35.43, a P/E/G ratio of 7.35 and a beta of 0.92. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the previous year, the firm earned $0.90 earnings per share. Progress Software’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities analysts predict that Progress Software will post 3.96 EPS for the current year.

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.