Brokerages Set Progress Software Corporation (NASDAQ:PRGS) Target Price at $73.33

Key Points

• Progress Software Corporation (NASDAQ:PRGS) has received a consensus recommendation of "Moderate Buy", with an average target price of $73.33 from six brokerages.
• The company's recent earnings report showed a strong performance, with $1.40 earnings per share, surpassing estimates of $1.30, and a revenue increase of 35.6% compared to the previous year.
• Insider activity includes CFO Anthony Folger selling 5,529 shares and Director David Krall acquiring 5,125 shares of Progress Software, reflecting mixed signals in insider sentiment.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) has received an average recommendation of "Moderate Buy" from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $73.3333.

Several equities research analysts have recently commented on the stock. DA Davidson boosted their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 1st. Citigroup reduced their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Jefferies Financial Group restated a "hold" rating on shares of Progress Software in a report on Friday, June 27th. Wall Street Zen lowered shares of Progress Software from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Wedbush reiterated an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research note on Friday, June 27th.

Insiders Place Their Bets

In related news, Director David Krall acquired 5,125 shares of Progress Software stock in a transaction on Wednesday, July 23rd. The stock was bought at an average cost of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the transaction, the director owned 100,090 shares of the company's stock, valued at approximately $4,894,401. The trade was a 5.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 5,529 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company's stock, valued at $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. raised its position in shares of Progress Software by 1.8% in the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker's stock valued at $546,000 after buying an additional 187 shares during the last quarter. Vanguard Group Inc. increased its position in Progress Software by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock worth $381,487,000 after purchasing an additional 45,246 shares during the last quarter. Sei Investments Co. increased its position in Progress Software by 22.7% during the fourth quarter. Sei Investments Co. now owns 65,952 shares of the software maker's stock worth $4,297,000 after purchasing an additional 12,191 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Progress Software during the fourth quarter worth about $15,432,000. Finally, Nisa Investment Advisors LLC increased its position in Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after purchasing an additional 326 shares during the last quarter.

Progress Software Trading Down 0.3%

Shares of PRGS stock traded down $0.16 during trading hours on Friday, reaching $45.88. 445,102 shares of the stock were exchanged, compared to its average volume of 772,159. Progress Software has a 12-month low of $44.88 and a 12-month 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 company's 50-day moving average price is $56.86 and its 200-day moving average price is $57.24. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 35.02, a price-to-earnings-growth ratio of 2.18 and a beta of 0.70.

Progress Software (NASDAQ:PRGS - Get Free Report) last released its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The firm had revenue of $237.36 million during the quarter, compared to analysts' expectations of $237.23 million. During the same period in the previous year, the company earned $1.09 EPS. The firm's revenue for the quarter was up 35.6% compared to the same quarter last year. As a group, equities analysts anticipate that Progress Software will post 4.01 earnings per share 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.