Progress Software (NASDAQ:PRGS) Hits New 1-Year High – Here’s Why

Shares of Progress Software Co. (NASDAQ:PRGS) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $69.29 and last traded at $69.25, with a volume of 157398 shares trading hands. The stock had previously closed at $67.11.

Analyst Upgrades and Downgrades

PRGS has been the topic of several research analyst reports. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research report on Tuesday, September 10th. Guggenheim upped their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $67.67.

Progress Software Stock Performance

The stock has a market cap of $2.95 billion, a PE ratio of 35.89, a P/E/G ratio of 8.30 and a beta of 0.92. The company has a fifty day moving average price of $64.47 and a 200 day moving average price of $57.63. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 38.69%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Analysts expect that Progress Software Co. will post 3.96 earnings per share for the current year.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the 2nd quarter worth $27,000. GAMMA Investing LLC boosted its position in shares of Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Progress Software by 29.2% in the 2nd 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 in the last quarter. EntryPoint Capital LLC boosted its holdings in Progress Software by 993.5% during the first quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in 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.