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

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six brokerages that are currently covering the firm, 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 price objective among analysts that have covered the stock in the last year is $74.33.

Several equities analysts have recently issued reports on PRGS shares. Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Thursday, January 23rd. Guggenheim reiterated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Wedbush reiterated an "outperform" rating and issued a $75.00 price target on shares of Progress Software in a report on Tuesday, April 1st. Finally, DA Davidson cut their price target 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.

Insider Buying and Selling

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 703 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the sale, the insider now directly owns 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their position. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. grew its stake in shares of Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Vanguard Group Inc. grew its stake in Progress Software by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after acquiring an additional 45,246 shares during the period. Sei Investments Co. grew its stake in Progress Software by 22.7% in the 4th quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock valued at $4,297,000 after acquiring an additional 12,191 shares during the period. Amundi grew its stake in Progress Software by 110.5% in the 4th quarter. Amundi now owns 25,117 shares of the software maker's stock valued at $1,594,000 after acquiring an additional 13,187 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Progress Software in the 4th quarter valued at $15,432,000.

Progress Software Stock Down 0.3%

Shares of PRGS traded down $0.21 during mid-day trading on Friday, hitting $61.07. 344,791 shares of the company traded hands, compared to its average volume of 567,123. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $2.63 billion, a PE ratio of 39.15, a price-to-earnings-growth ratio of 2.82 and a beta of 0.67. The business has a 50 day moving average of $58.19 and a 200 day moving average of $60.79.

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

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.