Progress Software (NASDAQ:PRGS) Receives New Coverage from Analysts at DA Davidson

Stock analysts at DA Davidson began coverage on shares of Progress Software (NASDAQ:PRGS) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $65.00 price target on the software maker’s stock. DA Davidson’s price objective points to a potential upside of 23.50% from the stock’s current price.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their target price on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research note on Wednesday. Wedbush lifted their target price on Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Progress Software in a report on Wednesday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.50.

Progress Software Stock Down 0.0 %

PRGS stock opened at $52.63 on Thursday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. The business has a 50 day moving average price of $55.29 and a two-hundred day moving average price of $54.21. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 34.18, a P/E/G ratio of 6.94 and a beta of 0.95. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $184.69 million during the quarter, compared to the consensus estimate of $181.91 million. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company earned $1.01 earnings per share. Analysts anticipate that Progress Software will post 3.79 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $52.12, for a total transaction of $39,090.00. Following the completion of the sale, the executive vice president now directly owns 13,942 shares in the company, valued at approximately $726,657.04. The sale was disclosed in a filing with the SEC, which is available through this link. In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the company’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the transaction, the executive vice president now owns 13,942 shares of the company’s stock, valued at approximately $726,657.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 3,168 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $57.40, for a total value of $181,843.20. Following the completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $181,785.80. The disclosure for this sale can be found here. Insiders sold a total of 81,998 shares of company stock worth $4,651,992 in the last ninety days. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Progress Software by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 5,534,242 shares of the software maker’s stock valued at $300,509,000 after buying an additional 37,487 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Progress Software by 9.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,296 shares of the software maker’s stock worth $1,483,000 after purchasing an additional 2,243 shares during the period. Voloridge Investment Management LLC acquired a new stake in Progress Software during the fourth quarter worth approximately $515,000. Nuveen Asset Management LLC grew its stake in Progress Software by 0.6% during the fourth quarter. Nuveen Asset Management LLC now owns 217,415 shares of the software maker’s stock worth $11,806,000 after purchasing an additional 1,274 shares during the period. Finally, Public Sector Pension Investment Board grew its stake in Progress Software by 68.7% during the fourth quarter. Public Sector Pension Investment Board now owns 90,407 shares of the software maker’s stock worth $4,909,000 after purchasing an additional 36,807 shares during the period.

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.