Progress Software Co. (NASDAQ:PRGS) Receives $67.67 Consensus Target Price from Brokerages

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $67.67.

A number of brokerages have recently commented on PRGS. DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th.

Insiders Place Their Bets

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the second quarter valued at $27,000. GAMMA Investing LLC boosted its stake in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the last quarter. Blue Trust Inc. grew its holdings in Progress Software by 29.2% during the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares during the period. TD Private Client Wealth LLC raised its position in Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Progress Software in the second quarter valued at approximately $160,000.

Progress Software Trading Up 1.3 %

PRGS opened at $68.41 on Friday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock’s 50 day moving average price is $66.01 and its 200-day moving average price is $58.45. Progress Software has a one year low of $48.00 and a one year high of $70.56. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 36.58, a P/E/G ratio of 8.63 and a beta of 0.92.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The company had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the prior year, the company posted $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities analysts forecast that Progress Software will post 3.96 EPS for the current 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.