Progress Software Corporation (NASDAQ:PRGS) Receives $73.33 Average PT from Analysts

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the six brokerages that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $73.33.

A number of equities analysts have recently issued reports on PRGS shares. Citigroup dropped their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Jefferies Financial Group reiterated a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wedbush reiterated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Finally, Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 5th.

Progress Software Stock Performance

Shares of NASDAQ PRGS traded down $2.04 during mid-day trading on Friday, hitting $46.04. The company had a trading volume of 1,120,793 shares, compared to its average volume of 1,096,541. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 35.15, a P/E/G ratio of 2.28 and a beta of 0.68. Progress Software has a 1 year low of $45.93 and a 1 year high of $70.56. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. The stock's 50-day moving average price is $56.86 and its 200-day moving average price is $57.32.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued 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. The company had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. Progress Software's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 EPS. On average, sell-side analysts forecast that Progress Software will post 4.01 earnings per share for the current year.

Insider Activity

In other news, CFO Anthony Folger sold 5,529 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. This trade represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Krall acquired 5,125 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was acquired at an average price of $48.90 per share, with a total value of $250,612.50. Following the acquisition, the director owned 100,090 shares in the company, valued at $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.40% of the company's stock.

Institutional Trading of Progress Software

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Avantax Advisory Services Inc. increased its holdings in shares of Progress Software by 3.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker's stock worth $329,000 after buying an additional 185 shares during the last quarter. QRG Capital Management Inc. increased its holdings in shares of Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock worth $546,000 after buying an additional 187 shares during the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Progress Software by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker's stock worth $290,000 after buying an additional 239 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Progress Software by 0.3% during the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker's stock worth $6,248,000 after purchasing an additional 281 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock worth $33,000 after purchasing an additional 296 shares during the period.

About Progress Software

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.