Progress Software (NASDAQ:PRGS) Upgraded at StockNews.com

StockNews.com upgraded shares of Progress Software (NASDAQ:PRGS) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

A number of other equities research analysts have also recently commented on PRGS. Wedbush reiterated an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer lifted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, DA Davidson lifted 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. One 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $67.67.

Progress Software Stock Performance

PRGS stock opened at $64.35 on Wednesday. The firm has a 50-day simple moving average of $62.09 and a two-hundred day simple moving average of $56.11. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software has a one year low of $48.00 and a one year high of $67.89. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 34.41, a PEG ratio of 8.18 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings results 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 business had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same period in the previous year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities analysts forecast that Progress Software will post 3.95 EPS for the current fiscal year.

Insider Transactions at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $113,677.29. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the 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 sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRGS. Atria Investments Inc grew its position in shares of Progress Software by 12.6% during the 3rd quarter. Atria Investments Inc now owns 5,920 shares of the software maker’s stock valued at $399,000 after acquiring an additional 663 shares during the period. Assetmark Inc. grew its holdings in Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares during the period. Principal Financial Group Inc. increased its position in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after buying an additional 43,936 shares in the last quarter. QRG Capital Management Inc. raised its stake in shares of Progress Software by 22.7% during the 3rd quarter. QRG Capital Management Inc. now owns 10,797 shares of the software maker’s stock worth $727,000 after buying an additional 1,996 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in shares of Progress Software by 2.8% during the 3rd quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker’s stock valued at $1,439,000 after buying an additional 583 shares in 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.