Progress Software Corporation (NASDAQ:PRGS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Progress Software Corporation (NASDAQ:PRGS) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat Ratings 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 objective among brokers that have issued a report on the stock in the last year is $73.33.

A number of equities research analysts have recently commented on PRGS shares. Guggenheim reiterated a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wedbush reissued an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. DA Davidson boosted their price target on shares of Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, July 1st. Wall Street Zen cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 5th. Finally, Citigroup dropped their price target on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research note on Tuesday, July 15th.

Progress Software Stock Down 2.1%

PRGS opened at $48.08 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The company has a market cap of $2.07 billion, a P/E ratio of 36.70, a P/E/G ratio of 2.32 and a beta of 0.68. Progress Software has a 12 month low of $47.42 and a 12 month high of $70.56. The business’s 50-day moving average price is $57.16 and its 200-day moving average price is $57.44.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. During the same quarter in the prior year, the business earned $1.09 EPS. The business’s revenue for the quarter was up 35.6% on a year-over-year basis. On average, equities analysts expect that Progress Software will post 4.01 EPS for the current year.

Insider Activity

In related news, Director David Krall bought 5,125 shares of the business’s stock in a transaction on Wednesday, July 23rd. The shares were bought at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the purchase, the director directly owned 100,090 shares of the company’s stock, valued at approximately $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the firm’s stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the completion of the sale, the chief financial officer directly owned 43,559 shares of the company’s stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. raised its stake in shares of Progress Software by 22.7% in the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker’s stock worth $4,297,000 after purchasing an additional 12,191 shares during the last quarter. LPL Financial LLC acquired a new position in Progress Software in the fourth quarter valued at approximately $248,000. Vanguard Group Inc. lifted its holdings in Progress Software by 0.8% in the fourth 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 last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Progress Software in the fourth quarter valued at approximately $278,000. Finally, Norges Bank purchased a new stake in Progress Software in the fourth quarter valued at approximately $9,699,000.

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.