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

Key Points

• Analyst consensus: Seven analysts give Progress Software a consensus "Moderate Buy" (five buys, two holds) with an average 12‑month target of $52.50, though several brokerages have recently cut their price targets (e.g., DA Davidson, Oppenheimer, Wedbush, Jefferies).
• Insider selling: Insiders sold 30,546 shares worth about $1.17M in the last 90 days — including EVP Sundar Subramanian's 21,594‑share sale — leaving corporate insiders with 3.4% ownership.
• Recent results and valuation: Progress slightly beat the quarter with $1.60 EPS vs. $1.57 expected and $248M revenue (+4.1% YoY); the stock trades near $29 with a market cap of ~$1.22B and a 52‑week range of $23.82–$65.50.

Progress Software Corporation (NASDAQ:PRGS - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seven analysts that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $52.50.

A number of equities research analysts have commented on the company. DA Davidson reduced their price objective on Progress Software from $70.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Oppenheimer dropped their target price on Progress Software from $70.00 to $57.00 and set an "outperform" rating on the stock in a report on Tuesday, March 31st. Wedbush dropped their target price on Progress Software from $65.00 to $45.00 and set an "outperform" rating on the stock in a report on Tuesday, March 31st. Weiss Ratings upgraded Progress Software from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, April 1st. Finally, Jefferies Financial Group dropped their target price on Progress Software from $45.00 to $34.00 and set a "hold" rating on the stock in a report on Tuesday, March 31st.

Insider Buying and Selling

In other news, EVP Sundar Subramanian sold 21,594 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total value of $813,014.10. Following the transaction, the executive vice president owned 15,542 shares in the company, valued at $585,156.30. This trade represents a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the transaction, the chief financial officer owned 48,802 shares in the company, valued at $1,952,080. This represents a 10.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,546 shares of company stock worth $1,171,546 in the last 90 days. Corporate insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Trust Walden Corp boosted its position in Progress Software by 8.6% in the third quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker's stock worth $85,693,000 after purchasing an additional 153,957 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker's stock worth $53,302,000 after purchasing an additional 243,950 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Progress Software by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker's stock worth $50,044,000 after purchasing an additional 20,669 shares during the last quarter. Geode Capital Management LLC boosted its position in Progress Software by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker's stock worth $46,468,000 after purchasing an additional 6,095 shares during the last quarter. Finally, LSV Asset Management boosted its position in Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker's stock worth $42,178,000 after purchasing an additional 619,800 shares during the last quarter.

Progress Software Trading Up 2.2%

Shares of Progress Software stock opened at $29.02 on Wednesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.49 and a current ratio of 0.47. Progress Software has a 52 week low of $23.82 and a 52 week high of $65.50. The stock has a 50 day moving average price of $35.84 and a two-hundred day moving average price of $40.51. The stock has a market capitalization of $1.22 billion, a PE ratio of 14.88, a price-to-earnings-growth ratio of 1.10 and a beta of 0.76.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The firm had revenue of $248.00 million during the quarter, compared to analysts' expectations of $246.40 million. During the same quarter last year, the firm posted $1.31 earnings per share. The company's revenue for the quarter was up 4.1% 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 fiscal year.

Progress Software Company Profile

Progress Software NASDAQ: PRGS is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company's offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress's portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.

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