Progress Software’s (PRGS) Buy Rating Reaffirmed at DA Davidson

DA Davidson restated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a report released on Wednesday, Benzinga reports. They currently have a $65.00 price objective on the software maker’s stock.

A number of other brokerages have also commented on PRGS. Oppenheimer reaffirmed an outperform rating and set a $66.00 price objective on shares of Progress Software in a research report on Wednesday, March 27th. StockNews.com upgraded Progress Software from a buy rating to a strong-buy rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price objective on Progress Software from $65.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday, March 27th. Guggenheim reaffirmed a buy rating and issued a $64.00 target price on shares of Progress Software in a research report on Tuesday. Finally, Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $63.14.

Progress Software Stock Performance

PRGS opened at $54.94 on Wednesday. Progress Software has a 12-month low of $48.00 and a 12-month high of $62.34. The firm has a market capitalization of $2.37 billion, a P/E ratio of 33.50, a price-to-earnings-growth ratio of 6.33 and a beta of 0.93. The stock’s 50 day moving average price is $50.45 and its two-hundred day moving average price is $52.99. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.50.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The business had revenue of $184.69 million for the quarter, compared to analyst estimates of $181.91 million. Progress Software had a net margin of 10.29% and a return on equity of 35.79%. Progress Software’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, equities analysts forecast that Progress Software will post 3.85 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.50, for a total transaction of $190,233.50. Following the completion of the transaction, the chief financial officer now directly owns 37,542 shares of the company’s stock, valued at $1,895,871. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Yufan Stephanie Wang sold 779 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.67, for a total transaction of $39,471.93. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 3,767 shares of Progress Software stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $50.50, for a total value of $190,233.50. Following the completion of the transaction, the chief financial officer now owns 37,542 shares of the company’s stock, valued at approximately $1,895,871. The disclosure for this sale can be found here. Insiders have sold 55,761 shares of company stock worth $2,841,941 over the last three months. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several large investors have recently made changes to their positions in PRGS. GHP Investment Advisors Inc. grew its holdings in Progress Software by 116.4% during the 4th quarter. GHP Investment Advisors Inc. now owns 61,121 shares of the software maker’s stock worth $3,319,000 after acquiring an additional 32,871 shares during the last quarter. Bahl & Gaynor Inc. grew its stake in shares of Progress Software by 2.7% during the fourth quarter. Bahl & Gaynor Inc. now owns 30,637 shares of the software maker’s stock valued at $1,664,000 after purchasing an additional 813 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of Progress Software by 2.0% in the fourth quarter. Boston Trust Walden Corp now owns 1,701,094 shares of the software maker’s stock valued at $92,369,000 after purchasing an additional 33,289 shares in the last quarter. Van Hulzen Asset Management LLC lifted its holdings in Progress Software by 4.0% during the 4th quarter. Van Hulzen Asset Management LLC now owns 17,365 shares of the software maker’s stock worth $943,000 after buying an additional 665 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Progress Software by 197.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 132,827 shares of the software maker’s stock valued at $7,213,000 after buying an additional 88,175 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.