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

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

PRGS has been the subject of a number of recent research reports. Guggenheim increased their price objective on Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. Oppenheimer lifted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Wedbush reaffirmed an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Finally, DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th.

Progress Software Stock Performance

NASDAQ:PRGS traded up $0.52 during mid-day trading on Friday, reaching $69.25. 396,268 shares of the stock were exchanged, compared to its average volume of 408,446. 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 has a 1 year low of $48.00 and a 1 year high of $69.62. The company has a 50 day simple moving average of $64.93 and a 200-day simple moving average of $57.93. The stock has a market capitalization of $2.97 billion, a P/E ratio of 37.03, a P/E/G ratio of 8.67 and a beta of 0.92.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. The business had revenue of $178.69 million for the quarter, compared to analysts' expectations of $176.16 million. During the same period in the previous year, the company posted $0.90 EPS. The company's quarterly revenue was up 1.7% on a year-over-year basis. Analysts anticipate that Progress Software will post 3.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was 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 of the company's stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale lifted its position in Progress Software by 4.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 491,484 shares of the software maker's stock worth $25,908,000 after buying an additional 19,256 shares during the period. Swedbank AB purchased a new position in shares of Progress Software in the 1st quarter worth about $10,356,000. Victory Capital Management Inc. raised its holdings in shares of Progress Software by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker's stock worth $7,521,000 after purchasing an additional 42,773 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Progress Software in the 2nd quarter worth about $1,692,000. Finally, Lombard Odier Asset Management USA Corp purchased a new position in shares of Progress Software in the 2nd quarter worth about $494,000.

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.