Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00

by · The Markets Daily

Progress Software (NASDAQ:PRGS – Free Report) had its price objective raised by Guggenheim from $64.00 to $70.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other research firms also recently issued reports on PRGS. Wedbush restated an outperform rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. Oppenheimer raised 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. Jefferies Financial Group lowered their price target on shares of Progress Software from $60.00 to $55.00 and set a hold rating on the stock in a report on Wednesday, June 26th. DA Davidson boosted 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. Finally, StockNews.com cut shares of Progress Software from a strong-buy rating to a buy rating in a research note 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. Based on data from MarketBeat, Progress Software currently has a consensus rating of Buy and a consensus price target of $66.00.

Read Our Latest Stock Analysis on Progress Software

Progress Software Stock Performance

Shares of PRGS opened at $66.30 on Wednesday. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.12 and a quick ratio of 0.95. The firm has a market cap of $2.84 billion, a PE ratio of 40.43, a PEG ratio of 7.32 and a beta of 0.91. Progress Software has a 1 year low of $48.00 and a 1 year high of $66.52. The stock’s fifty day moving average price is $57.67 and its two-hundred day moving average price is $53.79.

Progress Software (NASDAQ:PRGS – Get Free Report) last issued its earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter last year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Progress Software will post 3.91 EPS for the current year.

Insiders Place Their Bets

In other Progress Software news, insider Kathryn Kulikoski sold 2,918 shares of Progress Software stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $54.09, for a total transaction of $157,834.62. Following the transaction, the insider now directly owns 4,142 shares of the company’s stock, valued at $224,040.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progress Software news, insider Ian Pitt sold 584 shares of Progress Software stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $55.00, for a total value of $32,120.00. Following the transaction, the insider now directly 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 available through the SEC website. Also, insider Kathryn Kulikoski sold 2,918 shares of the stock in a transaction that occurred 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 sale, the insider now directly 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 valued at $765,004 over the last quarter. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board purchased a new stake in Progress Software in the 2nd quarter worth approximately $27,000. Blue Trust Inc. lifted its stake in Progress Software by 29.2% in the second quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after acquiring an additional 371 shares during the period. EntryPoint Capital LLC boosted 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 in the last quarter. TFO Wealth Partners LLC increased its position in Progress Software by 225,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,252 shares of the software maker’s stock valued at $122,000 after purchasing an additional 2,251 shares during the period. Finally, Quest Partners LLC bought a new position in Progress Software in the 2nd quarter worth $160,000.

Progress Software Company Profile

(Get Free Report)

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.

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