Progress Software Corporation (NASDAQ:PRGS) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus: Seven analysts give Progress an average rating of "Moderate Buy" (five buys, one hold, one sell) with a mean 12‑month price target of $52.50, though several firms recently cut targets to a $34–$57 range.
• Earnings and valuation: Progress beat Q1 estimates with EPS $1.60 (vs. $1.57) and revenue $248M (vs. $246.4M), yet the stock trades around $28.95 with a $1.22B market cap and a P/E of 14.85, far below its 52‑week high of $65.50.
• Insider activity: Insiders have sold roughly 29,194 shares worth $1.11M over the past 90 days (including sales by the CFO and EVP), while insiders own about 4.10% of the stock.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have received an average recommendation of "Moderate Buy" from the seven research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $52.50.

PRGS has been the topic of several analyst reports. Citigroup reduced their price objective on Progress Software from $60.00 to $46.00 and set a "buy" rating on the stock in a research note on Wednesday, April 1st. Wedbush reduced their price objective on Progress Software from $65.00 to $45.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. Jefferies Financial Group reduced their price objective on Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a research note on Tuesday, March 31st. Oppenheimer reduced their price objective on Progress Software from $70.00 to $57.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. Finally, DA Davidson reduced their price objective on Progress Software from $70.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th.

Progress Software Trading Up 3.9%

PRGS opened at $28.95 on Friday. Progress Software has a 52 week low of $23.82 and a 52 week high of $65.50. The business has a fifty day simple moving average of $32.11 and a 200-day simple moving average of $38.67. The firm has a market cap of $1.22 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.24 and a beta of 0.78. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.03. The business had revenue of $248.00 million for the quarter, compared to analysts' expectations of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $1.31 earnings per share. On average, equities analysts expect that Progress Software will post 4.68 earnings per share for the current year.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 6,000 shares of the firm's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the sale, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sundar Subramanian sold 1,600 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the completion of the sale, the executive vice president owned 15,542 shares in the company, valued at approximately $594,947.76. This represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 29,194 shares of company stock worth $1,114,262. 4.10% of the stock is owned by insiders.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC raised its stake in Progress Software by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker's stock valued at $358,000 after buying an additional 258 shares in the last quarter. California State Teachers Retirement System raised its stake in Progress Software by 0.8% in the second quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker's stock valued at $2,531,000 after buying an additional 333 shares in the last quarter. Amalgamated Bank raised its stake in Progress Software by 3.4% in the third quarter. Amalgamated Bank now owns 12,671 shares of the software maker's stock valued at $557,000 after buying an additional 422 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its stake in Progress Software by 0.9% in the fourth quarter. Susquehanna Fundamental Investments LLC now owns 48,522 shares of the software maker's stock valued at $2,085,000 after buying an additional 450 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in shares of Progress Software by 194.1% during the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker's stock worth $32,000 after purchasing an additional 493 shares during the last quarter.

About Progress Software

Progress Software NASDAQ: PRGS is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company's offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress's portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.

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