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

Progress Software (NASDAQ:PRGS) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

PRGS has been the subject of a number of other reports. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, June 26th. Oppenheimer increased their price target on Progress Software from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. DA Davidson lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a report on Tuesday, September 10th. Finally, Guggenheim raised their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.00.

Progress Software Stock Performance

PRGS stock opened at $66.29 on Thursday. Progress Software has a 1 year low of $48.00 and a 1 year high of $67.48. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 40.34, a PEG ratio of 8.44 and a beta of 0.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.95 and a current ratio of 1.23. The stock’s fifty day moving average is $58.43 and its two-hundred day moving average is $54.14.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data 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 38.69%. The firm had revenue of $178.69 million for the quarter, compared to the consensus estimate of $176.16 million. During the same period last year, the firm posted $0.90 EPS. Progress Software’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, research analysts predict that Progress Software will post 3.95 EPS for the current year.

Insider Buying and Selling

In other Progress Software news, EVP Loren Jarrett sold 9,961 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 13,406 shares of the company’s stock, valued at approximately $750,467.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the 2nd quarter worth $27,000. Blue Trust Inc. lifted its holdings in shares of Progress Software by 29.2% during the second 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 lifted its holdings in shares of Progress Software by 993.5% during 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. Quest Partners LLC acquired a new position in shares of Progress Software in the 2nd quarter valued at $160,000. Finally, Neo Ivy Capital Management purchased a new position in Progress Software in the 2nd quarter worth about $204,000.

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.