Progress Software (NASDAQ:PRGS) Rating Reiterated by Wedbush

Progress Software (NASDAQ:PRGS)‘s stock had its “outperform” rating restated by equities research analysts at Wedbush in a report issued on Tuesday, Benzinga reports. They presently have a $68.00 price objective on the software maker’s stock. Wedbush’s target price suggests a potential upside of 18.82% from the stock’s current price.

A number of other equities research analysts also recently commented on PRGS. Jefferies Financial Group dropped their price objective on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Oppenheimer reaffirmed an “outperform” rating and issued a $66.00 target price on shares of Progress Software in a research report on Wednesday, June 26th. Guggenheim reaffirmed a “buy” rating and issued a $64.00 target price on shares of Progress Software in a research report on Tuesday, June 25th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $65.00 target price on shares of Progress Software in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Progress Software Trading Down 0.7 %

Shares of NASDAQ:PRGS opened at $57.23 on Tuesday. Progress Software has a 52 week low of $48.00 and a 52 week high of $60.33. The company’s 50 day moving average is $56.62 and its two-hundred day moving average is $53.29. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98. The company has a market cap of $2.45 billion, a PE ratio of 34.90, a P/E/G ratio of 7.38 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last announced its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.13. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. The company had revenue of $175.08 million for the quarter, compared to the consensus estimate of $168.60 million. Equities analysts predict that Progress Software will post 3.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Ian Pitt sold 584 shares of the stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total transaction of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Ian Pitt sold 584 shares of the firm’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $55.00, for a total value of $32,120.00. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $174,185. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kathryn Kulikoski sold 2,918 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $54.09, for a total transaction of $157,834.62. Following the completion of the sale, the insider now owns 4,142 shares of the company’s stock, valued at approximately $224,040.78. The disclosure for this sale can be found here. Insiders sold a total of 13,763 shares of company stock worth $765,004 in the last 90 days. Company insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several hedge funds have recently made changes to their positions in PRGS. Russell Investments Group Ltd. lifted its stake in shares of Progress Software by 3.9% in the 4th quarter. Russell Investments Group Ltd. now owns 51,832 shares of the software maker’s stock worth $2,814,000 after acquiring an additional 1,952 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Progress Software by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 433,134 shares of the software maker’s stock valued at $23,519,000 after purchasing an additional 1,894 shares during the period. Principal Securities Inc. acquired a new stake in shares of Progress Software in the fourth quarter valued at about $68,000. BNP Paribas Financial Markets lifted its stake in shares of Progress Software by 11.6% in the fourth quarter. BNP Paribas Financial Markets now owns 48,779 shares of the software maker’s stock valued at $2,649,000 after purchasing an additional 5,078 shares during the period. Finally, QRG Capital Management Inc. lifted its stake in shares of Progress Software by 9.4% in the fourth quarter. QRG Capital Management Inc. now owns 9,554 shares of the software maker’s stock valued at $519,000 after purchasing an additional 817 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.