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

Progress Software Co. (NASDAQ:PRGS) has earned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $74.33.

A number of brokerages have recently commented on PRGS. DA Davidson lowered their price target on Progress Software from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 14th. StockNews.com lowered 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 target on shares of Progress Software in a report on Tuesday, April 1st. Finally, Wedbush reissued an “outperform” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 703 shares of the business’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider now directly owns 8,317 shares in the company, valued at $468,163.93. This represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. boosted its stake in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new position in Progress Software in the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC lifted its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after purchasing an additional 688 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock valued at $84,000 after purchasing an additional 326 shares during the last quarter.

Progress Software Trading Up 0.4%

Shares of PRGS stock opened at $63.15 on Friday. The firm has a 50-day moving average price of $57.83 and a 200 day moving average price of $60.82. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 40.48, a PEG ratio of 2.82 and a beta of 0.67. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to analysts’ expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. Research analysts forecast that Progress Software will post 4.01 earnings per share for the current fiscal year.

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.