Progress Software (NASDAQ:PRGS) Rating Increased to Buy at Wall Street Zen

Key Points

• Progress Software's rating was upgraded from "hold" to "buy" by Wall Street Zen, indicating increased confidence from analysts in the company's growth potential.
• The stock has a current average price target of $70.00 based on various analyst ratings, suggesting an optimistic outlook compared to its current trading price.
• In recent trading, the stock experienced slight fluctuations with a price of $46.17, compared to a 12-month high of $70.56, revealing the potential for growth or recovery.

Progress Software (NASDAQ:PRGS - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Friday.

PRGS has been the subject of a number of other research reports. DA Davidson restated a "buy" rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Weiss Ratings restated a "hold (c-)" rating on shares of Progress Software in a report on Saturday, September 27th. Citigroup cut their price target on Progress Software from $64.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Wedbush restated an "outperform" rating and set a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Finally, Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $50.00 and set a "hold" rating for the company in a report on Tuesday. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Progress Software has an average rating of "Moderate Buy" and an average price target of $70.00.

Progress Software Stock Performance

Shares of NASDAQ:PRGS traded down $0.15 during midday trading on Friday, hitting $46.17. The company had a trading volume of 1,352,277 shares, compared to its average volume of 1,188,671. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.43. The company has a fifty day moving average of $44.51 and a two-hundred day moving average of $53.35. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 2.12 and a beta of 0.67. Progress Software has a 12-month low of $40.29 and a 12-month high of $70.56.

Progress Software (NASDAQ:PRGS - Get Free Report) last issued 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. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The business had revenue of $237.36 million during the quarter, compared to analyst estimates of $237.23 million. During the same quarter in the prior year, the business posted $1.09 EPS. Progress Software's revenue for the quarter was up 35.6% compared to the same quarter last year. On average, equities research analysts expect that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 5,474 shares of the company's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the sale, the chief financial officer directly owned 42,559 shares in the company, valued at approximately $1,977,716.73. This represents a 11.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Krall acquired 5,125 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was acquired at an average cost of $48.90 per share, with a total value of $250,612.50. Following the completion of the purchase, the director owned 100,090 shares of the company's stock, valued at $4,894,401. This trade represents a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 12,431 shares of company stock valued at $613,307 over the last ninety days. Company insiders own 3.40% of the company's stock.

Institutional Trading of Progress Software

A number of hedge funds have recently bought and sold shares of PRGS. Maseco LLP purchased a new stake in Progress Software during the second quarter worth $28,000. Quaker Wealth Management LLC lifted its stake in shares of Progress Software by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker's stock worth $29,000 after purchasing an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of Progress Software during the 2nd quarter worth $41,000. Advisors Asset Management Inc. lifted its position 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 buying an additional 604 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its position in shares of Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock valued at $62,000 after buying an additional 637 shares during 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.

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