DA Davidson Raises Progress Software (NASDAQ:PRGS) Price Target to $70.00

Progress Software (NASDAQ:PRGS) had its price target lifted by DA Davidson from $65.00 to $70.00 in a report published on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the software maker’s stock. DA Davidson also issued estimates for Progress Software’s Q4 2024 earnings at $1.02 EPS, FY2024 earnings at $3.96 EPS and FY2025 earnings at $5.15 EPS.

Several other equities research analysts have also issued reports on PRGS. Guggenheim reissued a buy rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Jefferies Financial Group lowered their price target on Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a research report on Wednesday, June 26th. Wedbush reissued an outperform rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer upped their target price on Progress Software from $66.00 to $70.00 and gave the stock an outperform rating in a research note on Wednesday. Finally, StockNews.com lowered Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $66.00.

Progress Software Stock Up 0.7 %

Shares of PRGS stock opened at $66.30 on Wednesday. Progress Software has a twelve month low of $48.00 and a twelve month high of $66.52. The stock has a market cap of $2.84 billion, a P/E ratio of 40.43, a P/E/G ratio of 7.32 and a beta of 0.91. The stock has a 50 day moving average of $57.67 and a 200 day moving average of $53.79. The company has a current ratio of 1.12, a quick ratio of 0.95 and a debt-to-equity ratio of 1.98.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.12. Progress Software had a net margin of 11.55% and a return on equity of 38.35%. The firm 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. The business’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, sell-side analysts expect that Progress Software will post 3.91 EPS for the current year.

Insider Activity at Progress Software

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

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board acquired a new position in Progress Software in the 2nd quarter valued at about $27,000. Blue Trust Inc. raised its position in shares of 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 buying an additional 371 shares during the period. EntryPoint Capital LLC lifted its holdings in 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 acquiring an additional 1,977 shares during the last quarter. TFO Wealth Partners LLC grew its position in Progress Software by 225,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock worth $122,000 after acquiring an additional 2,251 shares during the period. Finally, Quest Partners LLC acquired a new stake in Progress Software during the second quarter worth $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.