Progress Software (NASDAQ:PRGS) Earns Buy Rating from Guggenheim

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reiterated by analysts at Guggenheim in a report issued on Tuesday,Benzinga reports. They currently have a $83.00 price target on the software maker’s stock. Guggenheim’s price target indicates a potential upside of 47.58% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Wedbush restated an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday. Citigroup upped their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.17.

Progress Software Stock Performance

PRGS stock traded up $4.73 during midday trading on Tuesday, reaching $56.24. 619,682 shares of the company were exchanged, compared to its average volume of 535,373. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 35.96, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The business has a 50-day moving average price of $55.83 and a two-hundred day moving average price of $62.08. Progress Software has a one year low of $48.00 and a one year high of $70.56. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business’s revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 EPS. Equities research analysts forecast that Progress Software will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares in the company, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last ninety days. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRGS. Charles Schwab Investment Management Inc. raised its position in shares of Progress Software by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock worth $32,267,000 after acquiring an additional 17,448 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Progress Software during the third quarter worth $575,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Progress Software by 137.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,685 shares of the software maker’s stock worth $1,596,000 after buying an additional 13,697 shares during the last quarter. Walleye Trading LLC lifted its holdings in Progress Software by 2,115.4% in the third quarter. Walleye Trading LLC now owns 14,821 shares of the software maker’s stock valued at $998,000 after buying an additional 14,152 shares during the period. Finally, Captrust Financial Advisors grew its holdings in Progress Software by 60.1% during the 3rd quarter. Captrust Financial Advisors now owns 27,535 shares of the software maker’s stock worth $1,855,000 after acquiring an additional 10,336 shares during the period.

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.