Progress Software Co. (NASDAQ:PRGS) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) have been assigned an average rating of "Moderate Buy" from the six analysts that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $67.67.

Several equities research analysts recently commented on the company. DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Wedbush reaffirmed an "outperform" rating and set a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. Finally, Guggenheim upped their price objective on Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded down $0.30 during trading on Thursday, reaching $65.92. The stock had a trading volume of 705,406 shares, compared to its average volume of 492,848. The business has a fifty day moving average price of $67.11 and a 200-day moving average price of $60.13. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market cap of $2.83 billion, a PE ratio of 35.25, a PEG ratio of 7.35 and a beta of 0.92. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted 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 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 company's revenue for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, equities analysts forecast that Progress Software will post 3.96 earnings per share for the current fiscal year.

Insider Activity at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm's 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 completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company's stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the 2nd quarter valued at about $27,000. GAMMA Investing LLC grew its holdings in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after acquiring an additional 485 shares in the last quarter. Blue Trust Inc. increased its position in shares of Progress Software by 29.2% in the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker's stock valued at $87,000 after purchasing an additional 371 shares during the last quarter. TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after purchasing an additional 301 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Progress Software during the 2nd quarter worth $160,000.

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.