Progress Software (NASDAQ:PRGS) PT Raised to $70.00 at Oppenheimer

Progress Software (NASDAQ:PRGS) had its price target increased by Oppenheimer from $66.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other analysts have also recently weighed in on the company. Wedbush reiterated an outperform rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com cut shares of Progress Software from a strong-buy rating to a buy rating in a report on Wednesday, June 26th. Jefferies Financial Group reduced their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research note on Wednesday, June 26th. Guggenheim reaffirmed a buy rating and set a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. Finally, DA Davidson reiterated a buy rating and set a $65.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. One equities research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $66.00.

Progress Software Stock Performance

NASDAQ:PRGS opened at $66.30 on Wednesday. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.52. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 7.32 and a beta of 0.91. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The firm’s fifty day simple moving average is $57.67 and its 200 day simple moving average is $53.79.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 38.35% and a net margin of 11.55%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. As a group, equities research analysts expect that Progress Software will post 3.91 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of Progress Software 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 directly owns 13,406 shares in the company, valued at $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,763 shares of company stock valued at $765,004. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several hedge funds and other institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the 2nd quarter worth approximately $27,000. Blue Trust Inc. boosted its stake in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after purchasing an additional 371 shares in the last quarter. EntryPoint Capital LLC grew its holdings 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 purchasing an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC increased its stake in shares of Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after buying an additional 2,251 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Progress Software in the second quarter valued at about $160,000.

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.