Progress Software (NASDAQ:PRGS) Rating Lowered to Buy at StockNews.com

Progress Software (NASDAQ:PRGS) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

PRGS has been the topic of a number of other research reports. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group lowered their price objective on Progress Software from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, June 26th. Wedbush restated an “outperform” rating and set a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. Oppenheimer lifted their price target on shares of Progress Software from $66.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. Finally, DA Davidson upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.67.

Progress Software Stock Performance

Progress Software stock opened at $64.87 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.77 billion, a P/E ratio of 39.55, a P/E/G ratio of 8.34 and a beta of 0.92. Progress Software has a 1-year low of $48.00 and a 1-year high of $67.89. The firm has a 50-day moving average of $60.83 and a 200-day moving average of $55.41.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Tuesday, September 24th. The software maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.12. Progress Software had a return on equity of 38.69% and a net margin of 11.55%. The business had revenue of $178.69 million during the quarter, compared to analysts’ expectations of $176.16 million. During the same quarter last year, the business posted $0.90 EPS. The business’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts expect that Progress Software will post 3.95 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PRGS. Canada Pension Plan Investment Board bought a new position in Progress Software during the second quarter valued at approximately $27,000. GAMMA Investing LLC raised its stake in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock valued at $87,000 after buying an additional 371 shares during the period. EntryPoint Capital LLC boosted its stake in shares of Progress Software by 993.5% in the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock worth $116,000 after buying an additional 1,977 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Progress Software in the second quarter worth $160,000.

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.