Progress Software Co. (NASDAQ:PRGS) Given Average Rating of “Moderate Buy” by Brokerages

Progress Software Co. (NASDAQ:PRGS) has been given an average recommendation of “Moderate Buy” by the six analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $63.50.

PRGS has been the subject of a number of recent research reports. Jefferies Financial Group reduced their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, June 26th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 26th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer reaffirmed an “outperform” rating and set a $66.00 target price on shares of Progress Software in a report on Wednesday, June 26th. Finally, DA Davidson reissued a “buy” rating and set a $65.00 price target on shares of Progress Software in a report on Tuesday, September 10th.

Insider Activity

In related news, EVP Loren Jarrett sold 9,961 shares of Progress Software stock in a transaction 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 sale, the executive vice president now owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Ian Pitt sold 584 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at $174,185. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Loren Jarrett sold 9,961 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total transaction of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The disclosure for this sale can be found here. Insiders sold 13,763 shares of company stock worth $765,004 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently made changes to their positions in PRGS. Delphi Management Inc. MA increased its position in shares of Progress Software by 40.8% during the second quarter. Delphi Management Inc. MA now owns 31,480 shares of the software maker’s stock worth $1,708,000 after purchasing an additional 9,127 shares in the last quarter. Creative Planning grew its holdings in shares of Progress Software by 50.9% during the second quarter. Creative Planning now owns 6,474 shares of the software maker’s stock worth $351,000 after buying an additional 2,183 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Progress Software in the second quarter valued at about $236,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Progress Software in the second quarter worth about $1,540,000. Finally, Mackenzie Financial Corp acquired a new position in Progress Software during the second quarter worth about $1,378,000.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $58.16 on Tuesday. Progress Software has a twelve month low of $48.00 and a twelve month high of $60.33. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.49 billion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 7.33 and a beta of 0.91. The company’s 50 day moving average is $56.81 and its 200 day moving average is $53.37.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The firm had revenue of $175.08 million for the quarter, compared to analyst estimates of $168.60 million. On average, sell-side analysts forecast that Progress Software will post 3.91 EPS for the current year.

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.