Progress Software Corporation (NASDAQ:PRGS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Progress Software Corporation (NASDAQ:PRGS) have earned an average rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $52.50.

A number of analysts have recently issued reports on PRGS shares. Jefferies Financial Group dropped their price objective on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Citigroup lowered their price target on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. DA Davidson lowered their price target on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Wedbush lowered their price target on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Finally, Oppenheimer lowered their price target on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 1,600 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the completion of the sale, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $594,947.76. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

Hedge funds have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. lifted its stake in Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after purchasing an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in Progress Software in the fourth quarter worth $42,000. Osaic Holdings Inc. lifted its stake in Progress Software by 183.0% in the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after purchasing an additional 637 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Progress Software in the first quarter valued at about $26,000. Finally, Advisors Asset Management Inc. increased its position in shares of Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after acquiring an additional 604 shares during the period.

Progress Software Stock Performance

NASDAQ PRGS opened at $29.74 on Thursday. Progress Software has a 52-week low of $23.82 and a 52-week high of $65.50. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. The company has a market capitalization of $1.25 billion, a P/E ratio of 15.25, a P/E/G ratio of 1.26 and a beta of 0.78. The company has a fifty day moving average of $28.70 and a 200-day moving average of $36.75.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The company had revenue of $248.00 million during the quarter, compared to the consensus estimate of $246.40 million. During the same period in the previous year, the firm posted $1.31 EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Progress Software will post 4.68 EPS for the current fiscal year.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.