Progress Software (NASDAQ:PRGS) Downgraded by StockNews.com to Buy

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a report released on Tuesday.

Several other research firms have also recently commented on PRGS. DA Davidson upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Guggenheim increased their price objective on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. Jefferies Financial Group lowered their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, June 26th. Finally, Oppenheimer increased their target price on shares of Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Progress Software currently has an average rating of “Moderate Buy” and an average target price of $67.67.

Progress Software Stock Up 0.0 %

NASDAQ:PRGS opened at $65.41 on Tuesday. Progress Software has a 1 year low of $48.00 and a 1 year high of $67.89. The stock has a 50-day moving average price of $60.65 and a two-hundred day moving average price of $55.31. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 8.34 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to analyst estimates of $176.16 million. During the same period in the previous year, the firm earned $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts expect that Progress Software will post 3.95 earnings per share for the current year.

Insider Activity

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the transaction, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the second quarter valued at approximately $27,000. GAMMA Investing LLC lifted its holdings in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after purchasing an additional 485 shares during the last quarter. Blue Trust Inc. lifted its holdings in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after purchasing an additional 371 shares during the last quarter. EntryPoint Capital LLC increased its holdings in shares of Progress Software by 993.5% in the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of Progress Software in the second quarter valued at about $160,000.

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.