Brokerages Set Progress Software Corporation (NASDAQ:PRGS) Target Price at $52.50

Progress Software Corporation (NASDAQ:PRGS) has been given a consensus rating of “Moderate Buy” by the six brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $46.40.

A number of equities research analysts have recently weighed in on the company. Citigroup cut their price target on 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 cut their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Jefferies Financial Group cut their price target on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Oppenheimer reduced their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Finally, Wedbush decreased their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st.

Progress Software Price Performance

PRGS opened at $33.15 on Monday. Progress Software has a fifty-two week low of $23.82 and a fifty-two week high of $65.50. The business has a 50-day moving average of $29.84 and a 200-day moving average of $35.12. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47. The company has a market capitalization of $1.39 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 1.42 and a beta of 0.83.

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

Institutional Investors Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. grew its holdings in Progress Software by 14,333.9% during the first quarter. Pacer Advisors Inc. now owns 259,378 shares of the software maker’s stock valued at $6,653,000 after purchasing an additional 257,581 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Progress Software by 142.0% during the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock worth $29,000 after buying an additional 653 shares during the period. Glenmede Trust Co. NA boosted its holdings in shares of Progress Software by 15.4% during the 1st quarter. Glenmede Trust Co. NA now owns 312,282 shares of the software maker’s stock worth $8,010,000 after buying an additional 41,600 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Progress Software by 6.3% during the 1st quarter. Janus Henderson Group PLC now owns 48,038 shares of the software maker’s stock worth $1,232,000 after buying an additional 2,828 shares during the period. Finally, Amundi boosted its holdings in shares of Progress Software by 94.6% during the 1st quarter. Amundi now owns 20,208 shares of the software maker’s stock worth $518,000 after buying an additional 9,825 shares during the period.

Progress Software Company Profile

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.