Progress Software’s (PRGS) Buy Rating Reaffirmed at Guggenheim

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

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

Progress Software Stock Up 9.2 %

PRGS traded up $4.73 during trading on Tuesday, hitting $56.24. 619,682 shares of the company’s stock were exchanged, compared to its average volume of 535,373. The stock has a market cap of $2.42 billion, a P/E ratio of 35.96, a PEG ratio of 2.82 and a beta of 0.88. The business’s 50 day moving average is $55.83 and its two-hundred day moving average is $62.08. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, topping the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. As a group, equities analysts expect that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insider Activity

In other 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 transaction of $844,500.00. Following the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock valued at $984,621 over the last quarter. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently bought and sold shares of PRGS. Vanguard Group Inc. increased its holdings in shares of Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after purchasing an additional 45,246 shares during the period. Pacer Advisors Inc. increased its stake in Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock valued at $66,039,000 after acquiring an additional 4,927 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Progress Software by 0.7% during the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock worth $52,284,000 after purchasing an additional 5,474 shares in the last quarter.

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.