Progress Software (NASDAQ:PRGS) Price Target Raised to $75.00 at DA Davidson

Progress Software (NASDAQ:PRGS - Get Free Report) had its price objective upped by research analysts at DA Davidson from $70.00 to $75.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. DA Davidson's price objective points to a potential upside of 32.12% from the stock's current price.

PRGS has been the topic of a number of other research reports. Wedbush reiterated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a research report on Friday. Citigroup reaffirmed a "neutral" rating on shares of Progress Software in a research note on Friday. Guggenheim reiterated a "buy" rating and set a $83.00 target price on shares of Progress Software in a research report on Friday. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a report on Friday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and an average target price of $75.17.

Progress Software Stock Performance

Progress Software stock traded down $7.07 during mid-day trading on Tuesday, hitting $56.77. The company had a trading volume of 1,907,709 shares, compared to its average volume of 567,669. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 43.94, a P/E/G ratio of 3.05 and a beta of 0.67. Progress Software has a 12-month low of $50.68 and a 12-month high of $70.56. The company's fifty day moving average is $61.99 and its 200-day moving average is $59.73. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 3.47.

Progress Software (NASDAQ:PRGS - Get Free Report) last announced its quarterly earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a net margin of 7.03% and a return on equity of 42.64%. The firm's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.09 earnings per share. Equities research analysts predict that Progress Software will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software 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 SEC, which can be accessed through this link. Also, insider Ian Pitt sold 703 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $56.29, for a total value of $39,571.87. Following the completion of the transaction, the insider owned 8,317 shares in the company, valued at $468,163.93. The trade was a 7.79% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.60% of the company's stock.

Institutional Trading of Progress Software

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Progress Software by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker's stock valued at $381,487,000 after purchasing an additional 45,246 shares during the last quarter. Geode Capital Management LLC grew its holdings in Progress Software by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker's stock valued at $66,039,000 after buying an additional 4,927 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Progress Software by 15.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker's stock valued at $49,642,000 after buying an additional 125,345 shares in the last quarter. Invesco Ltd. increased its stake in shares of Progress Software by 0.7% in the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker's stock worth $52,284,000 after acquiring an additional 5,474 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Progress Software by 11.6% during the 4th quarter. Deutsche Bank AG now owns 789,109 shares of the software maker's stock worth $51,410,000 after acquiring an additional 82,156 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.

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.