Analysts Set Progress Software Co. (NASDAQ:PRGS) Target Price at $74.00

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat 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 twelve-month price objective among analysts that have issued a report on the stock in the last year is $75.17.

Several research firms have issued reports on PRGS. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Citigroup raised their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Jefferies Financial Group increased their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Wedbush reissued an “outperform” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday. Finally, DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st.

Progress Software Stock Down 3.1 %

Shares of NASDAQ:PRGS opened at $56.17 on Friday. The company has a 50-day moving average price of $55.89 and a 200 day moving average price of $62.02. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56. The company has a market cap of $2.42 billion, a price-to-earnings ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88. 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 released its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to the consensus estimate of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. During the same period last year, the company earned $1.25 earnings per share. As a group, equities research analysts predict that Progress Software will post 4.01 earnings per share for the current year.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the sale, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock worth $984,621 in the last three months. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake 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 purchasing an additional 45,246 shares in the last quarter. Pacer Advisors Inc. boosted its position in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Principal Financial Group Inc. grew its position in Progress Software by 4.4% in the third 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 in the last quarter. Geode Capital Management LLC lifted its holdings in Progress Software by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock worth $66,039,000 after buying an additional 4,927 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Progress Software by 0.7% during the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock worth $52,284,000 after buying an additional 5,474 shares in the last quarter.

About Progress Software

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.