Progress Software Corporation (NASDAQ:PRGS) Receives Average Rating of "Moderate Buy" from Analysts

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) has been given a consensus rating of "Moderate Buy" by the six research firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $75.17.

Several brokerages have recently issued reports on PRGS. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research report on Friday, June 27th. Guggenheim reaffirmed a "buy" rating and set a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wedbush restated an "outperform" rating and set a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Citigroup reiterated a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th.

Progress Software Stock Performance

NASDAQ PRGS traded down $0.88 on Monday, hitting $50.64. 1,492,049 shares of the company's stock traded hands, compared to its average volume of 617,683. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 2.43. Progress Software has a 1-year low of $50.07 and a 1-year high of $70.56. The firm's 50-day moving average price is $61.03 and its two-hundred day moving average price is $59.06. The firm has a market capitalization of $2.18 billion, a PE ratio of 38.66, a P/E/G ratio of 2.44 and a beta of 0.68.

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

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 5,529 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the completion of the sale, the chief financial officer owned 43,559 shares in the company, valued at $2,307,320.23. The trade was a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business'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. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings 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 purchasing an additional 296 shares during the period. Orion Capital Management LLC acquired a new stake in Progress Software during the 4th quarter worth about $33,000. Smartleaf Asset Management LLC raised its holdings in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock worth $50,000 after buying an additional 688 shares during the period. Advisors Asset Management Inc. raised its holdings in Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock worth $54,000 after buying an additional 604 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Progress Software by 25.0% in 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 period.

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.