Brokerages Set Progress Software Co. (NASDAQ:PRGS) Price Target at $74.33

Progress Software Co. (NASDAQ:PRGS) has received an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $74.33.

PRGS has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson decreased their price target on shares of Progress Software from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, April 14th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Finally, Citigroup upped their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th.

Progress Software Stock Up 1.2 %

NASDAQ PRGS opened at $59.89 on Wednesday. The stock has a market cap of $2.58 billion, a PE ratio of 38.39, a P/E/G ratio of 2.82 and a beta of 0.85. The business has a 50 day moving average price of $55.93 and a two-hundred day moving average price of $61.22. 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 released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The business had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period last year, the business earned $1.25 EPS. The business’s revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts predict that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on 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 approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares of the company’s stock, valued at $242,000.72. This represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,613 shares of company stock worth $1,107,403 over the last quarter. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. increased its stake in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after purchasing an additional 1,140,626 shares during the period. Vanguard Group Inc. increased its position in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after acquiring an additional 45,246 shares during the period. Principal Financial Group Inc. increased its position in 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 during the period. Sei Investments Co. boosted its position in Progress Software by 22.7% during the 4th quarter. Sei Investments Co. now owns 65,952 shares of the software maker’s stock worth $4,297,000 after acquiring an additional 12,191 shares during the period. Finally, Amundi grew its stake in shares of Progress Software by 110.5% in the fourth quarter. Amundi now owns 25,117 shares of the software maker’s stock worth $1,594,000 after purchasing an additional 13,187 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.