Progress Software Co. (NASDAQ:PRGS) Receives $74.33 Average PT from Brokerages

Progress Software Co. (NASDAQ:PRGS - Get Free Report) has been given an average rating of "Moderate Buy" by the six ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $74.33.

A number of equities research analysts have recently weighed in on the company. Wedbush reaffirmed an "outperform" rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. DA Davidson cut their target price on Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Jefferies Financial Group lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. StockNews.com downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. Finally, Guggenheim reaffirmed a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st.

Progress Software Stock Performance

PRGS traded up $0.07 on Wednesday, hitting $59.18. 272,317 shares of the company's stock were exchanged, compared to its average volume of 557,059. The firm has a market cap of $2.55 billion, a PE ratio of 37.94, a P/E/G ratio of 2.82 and a beta of 0.85. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a fifty day moving average of $55.86 and a two-hundred day moving average of $61.23. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings data on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. The firm had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. Progress Software had a net margin of 9.08% and a return on equity of 41.56%. Progress Software's quarterly revenue was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, research analysts anticipate that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Domenic Lococo sold 1,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total value of $56,240.00. Following the completion of the sale, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This represents a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ian Pitt sold 703 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the sale, the insider now directly owns 8,317 shares of the company's stock, valued at approximately $468,163.93. This represents a 7.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,613 shares of company stock worth $1,107,403 over the last 90 days. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds have recently modified their holdings of PRGS. Pacer Advisors Inc. lifted its holdings in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after purchasing an additional 1,140,626 shares during the last quarter. Natixis lifted its holdings in shares of Progress Software by 287.1% during the fourth quarter. Natixis now owns 518,700 shares of the software maker's stock valued at $33,793,000 after purchasing an additional 384,700 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Progress Software during the fourth quarter valued at $15,432,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Progress Software by 468.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker's stock valued at $12,139,000 after purchasing an additional 153,517 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Progress Software during the fourth quarter valued at $9,699,000.

About Progress Software

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.