Progress Software (NASDAQ:PRGS) Reaches New 52-Week High - Here's Why

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $68.02 and last traded at $67.86, with a volume of 18163 shares changing hands. The stock had previously closed at $67.80.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Guggenheim lifted their target price on Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. StockNews.com raised 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 report on Tuesday, September 10th. Finally, DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Progress Software has an average rating of "Buy" and an average target price of $67.67.

Progress Software Stock Down 0.6 %

The company has a fifty day moving average price of $62.74 and a 200 day moving average price of $56.54. The company has a market cap of $2.89 billion, a PE ratio of 36.05, a price-to-earnings-growth ratio of 8.09 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.14 by $0.12. The company had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. Progress Software's quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.90 EPS. As a group, analysts anticipate that Progress Software Co. will post 3.95 EPS for the current year.

Insider Buying and Selling

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the business'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 value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company's stock, valued at $2,276,029.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently made changes to their positions in PRGS. Texas Permanent School Fund Corp increased its stake in shares of Progress Software by 2.0% during the first quarter. Texas Permanent School Fund Corp now owns 38,403 shares of the software maker's stock valued at $2,047,000 after buying an additional 769 shares during the period. Duality Advisers LP purchased a new position in shares of Progress Software during the first quarter valued at approximately $680,000. Sciencast Management LP purchased a new position in shares of Progress Software during the first quarter valued at approximately $304,000. SG Americas Securities LLC purchased a new position in shares of Progress Software during the first quarter valued at approximately $451,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Progress Software by 1.8% during the first quarter. Russell Investments Group Ltd. now owns 52,778 shares of the software maker's stock valued at $2,814,000 after buying an additional 946 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.