Progress Software Corporation (NASDAQ:PRGS) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is moderately bullish: Five of seven analysts rate Progress Software a buy, while two recommend holding the stock. The average 12-month price target is $52.17.
• Recent results exceeded expectations: Progress Software reported quarterly EPS of $1.62 versus the $1.46 consensus estimate, while revenue reached $253.47 million, up 6.8% year over year and above forecasts.
• Shares opened at $39.44, with a 52-week range of $23.82 to $47.37 and a market capitalization of approximately $1.62 billion. Several institutional investors, including Manufacturers Life and Heron Bay Capital Management, recently established or increased positions.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have earned an average rating of "Moderate Buy" from the seven research firms that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $52.17.

PRGS has been the subject of a number of research reports. Guggenheim restated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Wednesday, July 1st. DA Davidson upped their target price on Progress Software from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Jefferies Financial Group raised Progress Software to a "hold" rating in a report on Friday, September 25th. Weiss Ratings upgraded Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Finally, Oppenheimer decreased their price target on shares of Progress Software from $57.00 to $50.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 1st.

Progress Software Stock Performance

Shares of NASDAQ PRGS opened at $39.44 on Wednesday. The business's 50-day simple moving average is $42.06 and its 200-day simple moving average is $35.05. Progress Software has a 52 week low of $23.82 and a 52 week high of $47.37. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 1.65 and a beta of 0.82.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The software maker reported $1.62 EPS for the quarter, beating the consensus estimate of $1.46 by $0.16. The company had revenue of $253.47 million for the quarter, compared to the consensus estimate of $242.74 million. Progress Software had a return on equity of 43.07% and a net margin of 8.87%.The company's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.40 earnings per share. As a group, equities research analysts expect that Progress Software will post 4.77 earnings per share for the current fiscal year.

Institutional Trading of Progress Software

Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company acquired a new stake in Progress Software during the 2nd quarter worth about $40,780,000. Heron Bay Capital Management acquired a new position in shares of Progress Software in the 2nd quarter valued at about $34,011,000. Dimensional Fund Advisors LP boosted its position in shares of Progress Software by 10.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,233,830 shares of the software maker's stock valued at $31,659,000 after purchasing an additional 121,314 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Progress Software by 133.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker's stock valued at $31,335,000 after purchasing an additional 698,611 shares in the last quarter. Finally, Rice Hall James & Associates LLC acquired a new stake in Progress Software during the second quarter worth approximately $19,149,000.

Progress Software Company Profile

Progress Software Corporation NASDAQ: PRGS develops enterprise software designed to help organizations build, deploy, manage and secure business applications and digital services. Its portfolio supports application development, data connectivity, integration, file transfer, application performance monitoring and network management across cloud, hybrid and on-premises environments.

The company's products and brands include OpenEdge for developing and deploying business applications; DataDirect for data connectivity; MOVEit for managed file transfer; WhatsUp Gold and Flowmon for network monitoring and visibility; Chef for infrastructure and application automation; Sitefinity for digital experience management; and Telerik and Kendo UI for user interface and development tools.

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