StockNews.com Downgrades Progress Software (NASDAQ:PRGS) to Buy

StockNews.com cut shares of Progress Software (NASDAQ:PRGS - Free Report) from a strong-buy rating to a buy rating in a research note published on Tuesday.

Several other equities research analysts have also commented on the company. Wedbush restated an "outperform" rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer raised their price objective on Progress Software from $66.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 25th. Jefferies Financial Group lowered their price objective 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. Guggenheim increased their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, DA Davidson lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. One equities research 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, Progress Software presently has an average rating of "Moderate Buy" and a consensus price target of $67.67.

Progress Software Stock Performance

NASDAQ:PRGS traded up $0.03 on Tuesday, hitting $65.41. The stock had a trading volume of 368,171 shares, compared to its average volume of 508,455. The business's 50-day simple moving average is $60.65 and its two-hundred day simple moving average is $55.31. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 34.98, a price-to-earnings-growth ratio of 8.34 and a beta of 0.92. Progress Software has a 52-week low of $48.00 and a 52-week high of $67.89. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million for 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 firm's revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Progress Software will post 3.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRGS. Canada Pension Plan Investment Board bought a new position in Progress Software during the second quarter valued at approximately $27,000. GAMMA Investing LLC boosted its position in shares of Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after acquiring an additional 485 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after acquiring an additional 371 shares during the last quarter. EntryPoint Capital LLC grew its holdings in shares of Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker's stock valued at $116,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Progress Software in the second quarter worth $160,000.

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.