Progress Software Corporation (NASDAQ:PRGS) Given Consensus Recommendation of “Moderate Buy” by Analysts

Progress Software Corporation (NASDAQ:PRGS) has been assigned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $68.00.

PRGS has been the topic of a number of analyst reports. Jefferies Financial Group reduced their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, September 30th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. DA Davidson reaffirmed a “buy” rating and issued a $75.00 target price on shares of Progress Software in a research report on Tuesday, September 30th. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Finally, Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Monday, October 13th.

Insider Buying and Selling

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 shares were sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yufan Stephanie Wang sold 1,428 shares of the company’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $46.26, for a total transaction of $66,059.28. Following the completion of the sale, the insider directly owned 668 shares in the company, valued at $30,901.68. This represents a 68.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 7,311 shares of company stock valued at $339,332. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors and hedge funds have recently modified their holdings of PRGS. Envestnet Portfolio Solutions Inc. purchased a new stake in Progress Software during the second quarter valued at approximately $411,000. Mountain Pacific Investment Advisers LLC increased its holdings in shares of Progress Software by 66.6% during the second quarter. Mountain Pacific Investment Advisers LLC now owns 227,626 shares of the software maker’s stock valued at $14,532,000 after acquiring an additional 91,003 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new position in shares of Progress Software in the 2nd quarter valued at approximately $398,000. LPL Financial LLC boosted its stake in Progress Software by 1,161.5% in the 1st quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock worth $2,478,000 after purchasing an additional 44,298 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Progress Software by 9.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock valued at $433,000 after purchasing an additional 694 shares during the last quarter.

Progress Software Price Performance

NASDAQ:PRGS opened at $42.30 on Friday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The firm has a fifty day simple moving average of $43.77 and a 200 day simple moving average of $50.99. The stock has a market capitalization of $1.82 billion, a PE ratio of 38.45, a P/E/G ratio of 1.95 and a beta of 0.67. Progress Software has a 1-year low of $40.29 and a 1-year high of $70.56.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings results on Monday, September 29th. The software maker reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.20. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The business had revenue of $249.80 million during the quarter, compared to analysts’ expectations of $240.11 million. During the same quarter last year, the company posted $1.26 earnings per share. Progress Software’s quarterly revenue was up 39.8% on a year-over-year basis. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS. Q4 2025 guidance at 1.290-1.350 EPS. On average, research analysts expect that Progress Software will post 4.01 EPS for the current fiscal year.

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.