Progress Software (NASDAQ:PRGS) Given Buy Rating at Guggenheim

Progress Software (NASDAQ:PRGS - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Guggenheim in a note issued to investors on Tuesday,Benzinga reports. They currently have a $83.00 price target on the software maker's stock. Guggenheim's price objective would suggest a potential upside of 47.77% from the stock's previous close.

Several other research analysts also recently weighed in on the company. Citigroup boosted their target price on Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. DA Davidson restated a "buy" rating and set a $75.00 price objective on shares of Progress Software in a report on Tuesday, January 21st. Jefferies Financial Group increased their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Wedbush reissued an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday. Finally, StockNews.com lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.17.

Progress Software Stock Down 3.1 %

Shares of NASDAQ:PRGS traded down $1.82 on Tuesday, reaching $56.17. The company had a trading volume of 1,034,996 shares, compared to its average volume of 547,416. 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 firm has a market capitalization of $2.42 billion, a PE ratio of 36.01, a PEG ratio of 2.82 and a beta of 0.88. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The firm's 50 day simple moving average is $55.89 and its 200-day simple moving average is $62.02.

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

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 7,613 shares in the company, valued at $430,895.80. This trade represents a 16.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares of the company's stock, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Vanguard Group Inc. raised its holdings in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after acquiring an additional 45,246 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after purchasing an additional 1,140,626 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker's stock valued at $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Geode Capital Management LLC lifted its position in Progress Software by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock worth $66,039,000 after buying an additional 4,927 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Progress Software by 0.7% during the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock worth $52,284,000 after buying an additional 5,474 shares during the last quarter.

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.