The shares of Progress Software Co. (NASDAQ:PRGS – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the six analysts currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average one-year price target among brokers who have covered the stock in the past year is $67.67.
A number of equity analysts have issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10. StockNews.com upgraded Progress Software from a “buy” rating to a “strong buy” rating in a research note on Wednesday, October 30th. Oppenheimer raised their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22. DA Davidson lifted their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25. Finally, Guggenheim raised 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 25.
Check out our latest report on Progress Software
Insiders place their bets
In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock 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 of the company’s stock, valued at approximately $2,276,029.86. This represents an 18.76% decrease in their ownership of the shares. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This transaction represents a 35.55% decrease in their ownership of the shares. The explanation of this sale can be found here. Company insiders own 3.40% of the company’s shares.
Institutional inflow and outflow
Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. strengthened its position in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker worth $87,000, after buying an additional 371 shares in the last quarter. Dakota Wealth Management bought a new stake in Progress Software in the second quarter worth about $207,000. Allspring Global Investments Holdings LLC increased its position in Progress Software by 22.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 865,120 shares of the software maker’s stock worth $46,941,000 after acquiring an additional 156,796 shares during the period. FM Investments LLC bought a new position in Progress Software in the second quarter valued at approximately $6,684,000. Finally, Victory Capital Management Inc. grew. its position in Progress Software shares increased 236.1% during the second quarter. Victory Capital Management Inc. now owns 68,867 shares of the software maker’s stock worth $3,737,000 after acquiring an additional 48,375 shares during the period.
Progress Software increases by 0.7%
PRGS stock opened at $66.38 on Thursday. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 7.35, and a beta of 0.92. The company’s 50-day simple moving average is $67.14 and its 200-day simple moving average is $60.28.
Progress Software (NASDAQ:PRGS – Get Free Report) last reported its quarterly results on Tuesday, September 24. The software maker reported $1.26 earnings per share for the quarter, beating 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 company had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. During the same quarter of the previous year, the company earned earnings per share of $0.90. The company’s revenue rose 1.7% this quarter compared to the same quarter last year. As a group, equity analysts predict that Progress Software will post earnings per share of 3.96 for the current fiscal year.
About Progress software
(Get a free report
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 which consist of a collection of software development tools 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 that provides cloud-native and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation that delivers intelligent and ROI-driving tools for marketers.
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