Progress Software Corporation (NASDAQ:PRGS) Receives $73.33 Consensus PT from Brokerages

Key Points

• Progress Software Corporation has received an average analyst rating of "Moderate Buy" from six analysts, with a 1-year price target of approximately $73.33.
• The company reported earnings of $1.40 EPS for the last quarter, surpassing expectations and showing a 35.6% year-over-year revenue growth.
• Insider trading activity included CFO Anthony Folger selling 5,529 shares, representing an 11.26% decrease in his position, while Director Rainer Gawlick purchased shares, increasing his stake by 3.18%.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have received an average recommendation of "Moderate Buy" from the six ratings firms that are currently covering the company, Marketbeat.com reports. Two research 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 brokers that have covered the stock in the last year is $73.3333.

A number of analysts have recently weighed in on PRGS shares. Wall Street Zen downgraded shares of Progress Software from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Citigroup dropped their target price on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. DA Davidson increased their price target on shares of Progress Software from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 1st. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, June 27th.

Insider Activity at Progress Software

In other Progress Software news, Director Rainer Gawlick purchased 1,710 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was acquired at an average cost of $43.48 per share, with a total value of $74,350.80. Following the acquisition, the director owned 55,544 shares of the company's stock, valued at approximately $2,415,053.12. This represents a 3.18% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David Krall bought 5,125 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was bought at an average price of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director owned 100,090 shares of the company's stock, valued at $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRGS. DLD Asset Management LP increased its position in Progress Software by 31.5% in the second quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker's stock worth $2,745,120,000 after buying an additional 10,300,000 shares during the period. Boston Trust Walden Corp grew its position in shares of Progress Software by 1.9% during the second quarter. Boston Trust Walden Corp now owns 1,796,719 shares of the software maker's stock worth $114,703,000 after acquiring an additional 32,874 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker's stock worth $68,155,000 after acquiring an additional 5,187 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Progress Software by 15.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock valued at $49,642,000 after purchasing an additional 125,345 shares during the last quarter. Finally, Swedbank AB boosted its stake in Progress Software by 65.8% during the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker's stock valued at $37,538,000 after purchasing an additional 289,122 shares during the period.

Progress Software Stock Down 0.7%

Progress Software stock traded down $0.29 during midday trading on Friday, hitting $41.97. 144,808 shares of the stock were exchanged, compared to its average volume of 773,786. Progress Software has a 1 year low of $41.25 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $1.81 billion, a P/E ratio of 32.03, a P/E/G ratio of 1.99 and a beta of 0.68. The company has a 50 day moving average price of $45.50 and a two-hundred day moving average price of $54.07.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%.The company had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. During the same period last year, the firm earned $1.09 earnings per share. The company's revenue was up 35.6% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. On average, sell-side analysts predict that Progress Software will post 4.01 earnings per share for the current fiscal 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.