Brokerages Set Progress Software Co. (NASDAQ:PRGS) PT at $74.00

Progress Software Co. (NASDAQ:PRGS - Get Free Report) has earned a consensus rating of "Moderate Buy" from the six brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $75.17.

A number of equities research analysts have issued reports on the company. Wedbush restated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research report on Tuesday. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. DA Davidson restated a "buy" rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Finally, StockNews.com downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd.

Progress Software Price Performance

Shares of NASDAQ:PRGS traded up $5.80 during midday trading on Friday, reaching $57.31. 1,592,129 shares of the company were exchanged, compared to its average volume of 539,061. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market cap of $2.47 billion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The business's fifty day moving average is $55.83 and its two-hundred day moving average is $62.08. Progress Software has a one year low of $48.00 and a one year high of $70.56.

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Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.27. The business had revenue of $238.02 million during the quarter, compared to analysts' expectations of $235.64 million. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The firm's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 EPS. As a group, analysts predict that Progress Software will post 4.01 earnings per share for the current year.

Insider Activity

In related news, insider Ian Pitt sold 1,482 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock worth $984,621. Company insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. lifted its holdings in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Progress Software in the 4th quarter valued at approximately $33,000. Smartleaf Asset Management LLC boosted its stake in Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC grew its position in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after purchasing an additional 619 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its stake in Progress Software by 19.3% during 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 in the last quarter.

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.