Progress Software (NASDAQ:PRGS) Reaches New 52-Week High – Here’s What Happened

Progress Software Co. (NASDAQ:PRGS) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $68.95 and last traded at $68.86, with a volume of 48351 shares. The stock had previously closed at $68.53.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRGS. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Guggenheim increased their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $67.67.

Progress Software Stock Down 1.2 %

The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a 50-day simple moving average of $63.73 and a two-hundred day simple moving average of $57.13. The company has a market cap of $2.89 billion, a PE ratio of 35.96, a P/E/G ratio of 8.59 and a beta of 0.92.

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

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated 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 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 owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRGS. Leuthold Group LLC lifted its stake in shares of Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after acquiring an additional 371,026 shares in the last quarter. Swedbank AB lifted its stake in shares of Progress Software by 144.2% in the second quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after acquiring an additional 280,195 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after acquiring an additional 221,336 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its stake in shares of Progress Software by 10.9% in the second 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 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.