StockNews.com Downgrades Progress Software (NASDAQ:PRGS) to Buy

Progress Software (NASDAQ:PRGS) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Thursday.

Several other research analysts have also weighed in on the stock. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group cut their price target 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. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Oppenheimer raised their price target on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $66.00.

Progress Software Price Performance

NASDAQ:PRGS opened at $66.29 on Thursday. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 40.34, a price-to-earnings-growth ratio of 8.44 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 1.87. The company’s 50-day moving average is $58.43 and its two-hundred day moving average is $54.14. Progress Software has a 12-month low of $48.00 and a 12-month high of $67.48.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The company’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.90 EPS. Research analysts expect that Progress Software will post 3.95 EPS for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the 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 completion of the sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at $750,467.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

A number of hedge funds have recently made changes to their positions in PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software during the second quarter worth approximately $27,000. Blue Trust Inc. grew 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 worth $87,000 after buying an additional 371 shares in the last quarter. EntryPoint Capital LLC grew its position in shares of Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Progress Software during the second quarter worth approximately $160,000. Finally, Neo Ivy Capital Management acquired a new stake in shares of Progress Software during the second quarter worth approximately $204,000.

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.