Progress Software Corporation (NASDAQ:PRGS) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have been assigned an average rating of "Moderate Buy" from the six brokerages 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 12 month target price among brokers that have issued a report on the stock in the last year is $75.17.

Several brokerages have recently commented on PRGS. Wedbush reaffirmed an "outperform" rating and set a $75.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Wall Street Zen downgraded shares of Progress Software from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Guggenheim reissued a "buy" rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday, June 27th. DA Davidson lifted their price target on shares of Progress Software from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 1st. Finally, Citigroup reissued a "neutral" rating on shares of Progress Software in a research report on Friday, June 27th.

Progress Software Trading Up 0.4%

Shares of PRGS opened at $54.14 on Monday. Progress Software has a 52-week low of $50.68 and a 52-week high of $70.56. The business's fifty day moving average is $61.68 and its 200-day moving average is $59.37. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 41.33, a PEG ratio of 2.57 and a beta of 0.68.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, beating 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 business had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. During the same quarter last year, the business earned $1.09 EPS. The firm's quarterly revenue was up 35.6% on a year-over-year basis. Equities analysts anticipate that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. raised its holdings in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker's stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Progress Software during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC raised its holdings in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after acquiring an additional 688 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Progress Software by 135.1% during the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after acquiring an additional 604 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Progress Software by 25.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock valued at $84,000 after acquiring an additional 326 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.