Progress Software (NASDAQ:PRGS) Upgraded by StockNews.com to Strong-Buy

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

Other analysts also recently issued reports about the company. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the company a buy rating in a research note on Wednesday. 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 report on Wednesday, June 26th. DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Oppenheimer raised their price target on Progress Software from $66.00 to $70.00 and gave the company an outperform rating in a report on Wednesday. Finally, Wedbush reaffirmed an outperform rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Progress Software presently has a consensus rating of Buy and a consensus price target of $66.00.

Progress Software Stock Up 0.7 %

Shares of NASDAQ PRGS opened at $66.30 on Wednesday. Progress Software has a 12 month low of $48.00 and a 12 month high of $66.52. The firm has a market capitalization of $2.84 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91. The firm has a fifty day simple moving average of $57.67 and a two-hundred day simple moving average of $53.79. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last issued 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 10.29% and a return on equity of 36.88%. The company had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period last year, the business earned $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities analysts expect that Progress Software will post 3.91 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ian Pitt sold 584 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $174,185. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock valued at $765,004 over the last three months. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

Several large investors have recently added to or reduced their stakes in PRGS. Delphi Management Inc. MA raised its stake in shares of Progress Software by 40.8% in the 2nd quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock valued at $1,708,000 after acquiring an additional 9,127 shares during the period. Creative Planning lifted its holdings in shares of Progress Software by 50.9% in the 2nd quarter. Creative Planning now owns 6,474 shares of the software maker’s stock valued at $351,000 after purchasing an additional 2,183 shares during the last quarter. Algert Global LLC purchased a new position in Progress Software during the 2nd quarter worth $236,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Progress Software in the second quarter valued at approximately $1,540,000. Finally, Mackenzie Financial Corp acquired a new position in Progress Software during the second quarter worth $1,378,000.

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.