Brokerages Set Progress Software Corporation (NASDAQ:PRGS) Price Target at $52.50

Progress Software Corporation (NASDAQ:PRGS) has earned an average rating of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $52.50.

PRGS has been the subject of a number of analyst reports. DA Davidson dropped their price objective on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Oppenheimer dropped their price objective on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Jefferies Financial Group dropped their price objective on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Citigroup dropped their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, April 1st. Finally, Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $31.96 on Thursday. The firm has a 50-day simple moving average of $28.79 and a 200-day simple moving average of $36.41. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.45 and a beta of 0.83. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.97. Progress Software has a 52 week low of $23.82 and a 52 week high of $65.50.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.03. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $246.40 million. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.31 earnings per share. On average, equities analysts predict that Progress Software will post 4.68 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Sundar Subramanian sold 1,600 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $38.28, for a total value of $61,248.00. Following the completion of the sale, the executive vice president owned 15,542 shares of the company’s stock, valued at approximately $594,947.76. This represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 4.10% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of hedge funds have recently modified their holdings of PRGS. Advisors Asset Management Inc. grew its holdings in shares of Progress Software by 135.1% in the first quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares during the period. AQR Capital Management LLC boosted its stake in Progress Software by 16.9% during the first quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock worth $2,194,000 after buying an additional 6,147 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Progress Software by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock worth $1,321,000 after buying an additional 1,454 shares during the period. Goldman Sachs Group Inc. boosted its stake in Progress Software by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after buying an additional 241,515 shares during the period. Finally, Jane Street Group LLC boosted its stake in Progress Software by 206.8% during the first quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock worth $5,734,000 after buying an additional 75,044 shares during the period.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.