Progress Software (NASDAQ:PRGS) Given New $80.00 Price Target at Oppenheimer

Progress Software (NASDAQ:PRGS - Get Free Report) had its target price lifted by equities researchers at Oppenheimer from $70.00 to $80.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an "outperform" rating on the software maker's stock. Oppenheimer's price target points to a potential upside of 22.31% from the company's previous close.

Other research analysts have also issued research reports about the company. DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Guggenheim raised their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Wedbush reiterated an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a "hold" rating on the stock in a research report on Wednesday, June 26th. Finally, StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a report on Tuesday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $67.67.

Progress Software Price Performance

Shares of PRGS stock traded up $0.03 during trading hours on Tuesday, reaching $65.41. The stock had a trading volume of 368,171 shares, compared to its average volume of 508,455. The stock's fifty day simple moving average is $60.65 and its 200 day simple moving average is $55.31. The firm has a market capitalization of $2.81 billion, a PE ratio of 34.98, a PEG ratio of 8.34 and a beta of 0.92. Progress Software has a 12 month low of $48.00 and a 12 month high of $67.89. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.14 by $0.12. The firm had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business's quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. On average, equities research analysts predict that Progress Software will post 3.95 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 7,797 shares of the business'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 sale, 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 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PRGS. Vanguard Group Inc. boosted its stake in shares of Progress Software by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 5,629,836 shares of the software maker's stock valued at $300,127,000 after purchasing an additional 95,594 shares in the last quarter. Boston Trust Walden Corp raised its position in shares of Progress Software by 10.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker's stock worth $106,713,000 after acquiring an additional 192,899 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker's stock valued at $76,465,000 after purchasing an additional 34,318 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker's stock valued at $64,985,000 after purchasing an additional 99,479 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Progress Software by 4.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker's stock worth $25,908,000 after purchasing an additional 19,256 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.