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

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

Several analysts recently commented on PRGS shares. 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 report on Monday, April 14th. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Tuesday, April 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday, April 1st.

Progress Software Stock Performance

Shares of PRGS stock opened at $62.62 on Thursday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The company’s fifty day moving average price is $60.46 and its two-hundred day moving average price is $60.20. The firm has a market capitalization of $2.69 billion, a P/E ratio of 40.14, a P/E/G ratio of 2.82 and a beta of 0.67. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 EPS for the quarter, beating the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million for 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 firm’s revenue was up 28.9% compared to the same quarter last year. During the same period last year, the firm earned $1.25 EPS. On average, research analysts anticipate that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insider Transactions at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction that occurred 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 SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 703 shares of Progress Software stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the transaction, the insider now directly owns 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79% decrease in their position. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently added to or reduced their stakes in the business. Natixis lifted its position in Progress Software by 287.1% during the fourth quarter. Natixis now owns 518,700 shares of the software maker’s stock valued at $33,793,000 after purchasing an additional 384,700 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Progress Software by 75.6% in the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock valued at $28,894,000 after purchasing an additional 241,515 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Progress Software during the 4th quarter valued at $15,432,000. Nuveen LLC purchased a new stake in shares of Progress Software during the first quarter worth about $9,973,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Progress Software by 468.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker’s stock worth $12,139,000 after buying an additional 153,517 shares during 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.