Progress Software (NASDAQ:PRGS) Receives Outperform Rating from Wedbush

Progress Software (NASDAQ:PRGS)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research note issued on Tuesday,Benzinga reports. They presently have a $75.00 price target on the software maker’s stock. Wedbush’s price target suggests a potential upside of 34.78% from the company’s current price.

Other analysts have also recently issued research reports about the company. Citigroup raised their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. DA Davidson reissued a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.17.

Progress Software Stock Performance

NASDAQ PRGS traded up $4.14 during trading hours on Tuesday, hitting $55.65. The company had a trading volume of 480,240 shares, compared to its average volume of 534,835. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The firm has a market cap of $2.39 billion, a P/E ratio of 35.67, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The business has a fifty day simple moving average of $55.83 and a 200-day simple moving average of $62.08.

Progress Software (NASDAQ:PRGS) last posted its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.27. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million. During the same period in the previous year, the business posted $1.25 EPS. Progress Software’s revenue was up 28.9% on a year-over-year basis. Equities analysts predict that Progress Software will post 4.01 EPS for the current year.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 in the last 90 days. 3.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRGS. Vanguard Group Inc. grew its stake in Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock worth $381,487,000 after buying an additional 45,246 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Progress Software by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Progress Software by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock valued at $66,039,000 after purchasing an additional 4,927 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Progress Software by 0.7% in the fourth quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock valued at $52,284,000 after buying an additional 5,474 shares during the period.

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.