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

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

Several equities analysts have recently issued reports on the company. Guggenheim reissued a "buy" rating and set a $83.00 target price on shares of Progress Software in a research note on Tuesday, April 1st. DA Davidson lowered their target price on shares of Progress Software from $75.00 to $70.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush reissued an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, April 1st. Finally, StockNews.com cut Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd.

Progress Software Trading Down 2.1%

Shares of PRGS traded down $1.31 during trading hours on Friday, hitting $61.84. The company had a trading volume of 636,571 shares, compared to its average volume of 564,560. Progress Software has a 52-week low of $48.00 and a 52-week 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 stock's 50 day moving average price is $57.83 and its 200 day moving average price is $60.82. The firm has a market cap of $2.66 billion, a P/E ratio of 39.64, a P/E/G ratio of 2.82 and a beta of 0.67.

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

Insider Activity at Progress Software

In related news, 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 completion of the transaction, the insider now owns 8,317 shares of the company's stock, valued at approximately $468,163.93. This represents a 7.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

A number of large investors have recently made changes to their positions in PRGS. Bessemer Group Inc. grew its position in Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of Progress Software in the 4th quarter worth $33,000. Smartleaf Asset Management LLC increased its holdings in Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after buying an additional 688 shares during the period. Advisors Asset Management Inc. raised its holdings in Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after purchasing an additional 604 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Progress Software by 25.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after purchasing an additional 326 shares during 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.