Oppenheimer Increases Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its target price increased by investment analysts at Oppenheimer from $66.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target points to a potential upside of 6.32% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. DA Davidson reaffirmed a “buy” rating and set a $65.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Jefferies Financial Group lowered their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $64.00 price target on shares of Progress Software in a report on Tuesday, June 25th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $66.00.

Progress Software Stock Up 3.0 %

NASDAQ:PRGS opened at $65.84 on Wednesday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. Progress Software has a 1-year low of $48.00 and a 1-year high of $66.06. The company has a 50-day moving average of $57.46 and a 200 day moving average of $53.71. The firm has a market cap of $2.82 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 7.28 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. As a group, research analysts anticipate that Progress Software will post 3.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Loren Jarrett sold 9,961 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at $750,467.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $54.09, for a total value of $157,834.62. Following the completion of the transaction, the insider now directly owns 4,142 shares in the company, valued at $224,040.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the sale, the executive vice president now owns 13,406 shares in the company, valued at approximately $750,467.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,763 shares of company stock valued at $765,004. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors and hedge funds have recently bought and sold shares of PRGS. Blue Trust Inc. raised its holdings in shares of 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 purchasing an additional 371 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Progress Software by 2.2% in the 4th quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock valued at $1,016,000 after buying an additional 404 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the second quarter worth about $27,000. Assetmark Inc. grew its holdings in Progress Software by 19.5% during the fourth quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock worth $179,000 after acquiring an additional 539 shares during the period. Finally, Hudson Edge Investment Partners Inc. raised its position in Progress Software by 5.4% during the fourth quarter. Hudson Edge Investment Partners Inc. now owns 11,159 shares of the software maker’s stock valued at $606,000 after acquiring an additional 569 shares in 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.