Progress Software's (PRGS) Buy Rating Reaffirmed at Guggenheim

Progress Software (NASDAQ:PRGS - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Guggenheim in a research report issued on Tuesday,Benzinga reports. They presently have a $83.00 price objective on the software maker's stock. Guggenheim's target price suggests a potential upside of 43.13% from the stock's current price.

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

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Progress Software Stock Performance

Shares of PRGS traded down $0.99 during mid-day trading on Tuesday, reaching $57.99. The company had a trading volume of 1,108,026 shares, compared to its average volume of 545,166. The stock has a 50 day moving average of $55.75 and a two-hundred day moving average of $62.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market capitalization of $2.50 billion, a P/E ratio of 37.17, 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.

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

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 15,000 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last ninety days. Insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. grew its position in shares of Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after purchasing an additional 296 shares in the last quarter. Orion Capital Management LLC acquired a new position in Progress Software during the fourth quarter worth $33,000. Smartleaf Asset Management LLC grew its holdings in Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after buying an additional 688 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker's stock worth $113,000 after acquiring an additional 619 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in shares of 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 worth $126,000 after acquiring an additional 301 shares during the period.

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.