Progress Software Co. (NASDAQ:PRGS) Receives $74.33 Consensus PT from Analysts

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six ratings firms that are currently covering the company, Marketbeat.com reports. Two investment 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 updated their coverage on the stock in the last year is $74.33.

A number of analysts have recently issued reports on PRGS shares. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a report on Tuesday, April 1st. Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note on Tuesday, April 1st. Finally, DA Davidson reduced their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, April 14th.

Progress Software Price Performance

Shares of PRGS traded down $0.46 during trading hours on Thursday, reaching $62.79. 81,544 shares of the company traded hands, compared to its average volume of 653,036. The stock has a fifty day simple moving average of $60.30 and a 200 day simple moving average of $60.30. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The stock has a market capitalization of $2.70 billion, a PE ratio of 40.26, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced 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 business 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%. The company's revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 EPS. As a group, research analysts predict that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ian Pitt sold 703 shares of the stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now owns 8,317 shares in the company, valued at $468,163.93. This represents a 7.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. Insiders own 3.60% of the company's stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently bought and sold shares of the stock. Inspire Investing LLC lifted its position in shares of Progress Software by 14.3% in the 1st quarter. Inspire Investing LLC now owns 7,793 shares of the software maker's stock valued at $401,000 after acquiring an additional 973 shares in the last quarter. Rhumbline Advisers grew its stake in Progress Software by 1.8% in the first quarter. Rhumbline Advisers now owns 121,063 shares of the software maker's stock valued at $6,236,000 after purchasing an additional 2,193 shares in the last quarter. Intech Investment Management LLC increased its position in Progress Software by 45.0% in the 1st quarter. Intech Investment Management LLC now owns 28,202 shares of the software maker's stock worth $1,453,000 after purchasing an additional 8,756 shares during the last quarter. Jane Street Group LLC increased its position in Progress Software by 206.8% in the 1st quarter. Jane Street Group LLC now owns 111,326 shares of the software maker's stock worth $5,734,000 after purchasing an additional 75,044 shares during the last quarter. Finally, Woodline Partners LP raised its stake in shares of Progress Software by 15.6% during the 1st quarter. Woodline Partners LP now owns 126,050 shares of the software maker's stock worth $6,493,000 after purchasing an additional 16,978 shares in the last quarter.

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.