Progress Software (NASDAQ:PRGS) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen downgraded shares of Progress Software (NASDAQ:PRGS - Free Report) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday morning.

Several other brokerages have also weighed in on PRGS. Wedbush reaffirmed an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a research report on Friday, June 27th. Jefferies Financial Group reissued a "hold" rating on shares of Progress Software in a research note on Friday, June 27th. DA Davidson raised their price objective 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. Guggenheim reissued a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Finally, Citigroup restated a "neutral" rating on shares of Progress Software in a research note on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $75.17.

Progress Software Stock Up 2.3%

Shares of Progress Software stock traded up $1.19 during midday trading on Friday, hitting $52.73. The company's stock had a trading volume of 2,021,415 shares, compared to its average volume of 606,420. Progress Software has a 1-year low of $50.68 and a 1-year high of $70.56. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The firm has a market capitalization of $2.27 billion, a P/E ratio of 40.25, a PEG ratio of 2.43 and a beta of 0.68. The stock has a 50-day simple moving average of $61.39 and a 200-day simple moving average of $59.22.

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

Insider Buying and Selling

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bessemer Group Inc. raised its holdings in Progress Software by 149.5% during the 4th 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 last quarter. Orion Capital Management LLC bought a new stake in shares of Progress Software during the fourth quarter worth approximately $33,000. Smartleaf Asset Management LLC lifted its holdings in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker's stock valued at $50,000 after buying an additional 688 shares during the period. Advisors Asset Management Inc. grew 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 acquiring an additional 604 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in Progress Software by 25.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker's stock worth $84,000 after acquiring an additional 326 shares during the period.

About Progress Software

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.