Progress Software (NASDAQ:PRGS) PT Raised to $70.00

Progress Software (NASDAQ:PRGS) had its target price increased by Oppenheimer from $66.00 to $70.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other research analysts have also recently weighed in on the company. DA Davidson reiterated a buy rating and set a $65.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com downgraded shares of Progress Software from a strong-buy rating to a buy rating in a research report on Wednesday, June 26th. Guggenheim reaffirmed a buy rating and issued a $64.00 price objective on shares of Progress Software in a report on Tuesday, June 25th. Wedbush reaffirmed an outperform rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a hold rating for the company in a research report on Wednesday, June 26th. One investment 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 stock. Based on data from MarketBeat, the company has a consensus rating of Buy and a consensus price target of $66.00.

Progress Software Trading Up 0.7 %

Shares of NASDAQ:PRGS opened at $66.30 on Wednesday. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 7.32 and a beta of 0.91. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. Progress Software has a 12 month low of $48.00 and a 12 month high of $66.52. The company’s fifty day simple moving average is $57.67 and its 200 day simple moving average is $53.79.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results 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. The firm had revenue of $178.69 million for the quarter, compared to analyst estimates of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.35%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 EPS. As a group, research analysts forecast that Progress Software will post 3.91 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ian Pitt sold 584 shares of the stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $55.00, for a total transaction of $32,120.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $55.98, for a total value of $557,616.78. Following the completion of the transaction, the executive vice president now directly owns 13,406 shares in the company, valued at $750,467.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 584 shares of the company’s 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 directly owns 3,167 shares of the company’s stock, valued at approximately $174,185. The disclosure for this sale can be found here. In the last 90 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

A number of large investors have recently added to or reduced their stakes in PRGS. Blue Trust Inc. boosted its holdings 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 in the last quarter. US Bancorp DE increased its stake in shares of Progress Software by 2.2% during the fourth quarter. US Bancorp DE now owns 18,720 shares of the software maker’s stock valued at $1,016,000 after purchasing an additional 404 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software during the second quarter valued at approximately $27,000. Assetmark Inc. boosted its position in shares of Progress Software by 19.5% in the 4th quarter. Assetmark Inc. now owns 3,300 shares of the software maker’s stock worth $179,000 after purchasing an additional 539 shares in the last quarter. Finally, Hudson Edge Investment Partners Inc. grew its stake in shares of Progress Software by 5.4% in the 4th quarter. Hudson Edge Investment Partners Inc. now owns 11,159 shares of the software maker’s stock worth $606,000 after buying an additional 569 shares during the last quarter.

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.