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

Shares of Progress Software Corporation (NASDAQ:PRGS) have received an average rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $52.50.

A number of equities analysts recently weighed in on PRGS shares. Citigroup lowered their target price on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Wedbush lowered their target price on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. DA Davidson lowered their target price on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Oppenheimer lowered their target price on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Finally, Jefferies Financial Group lowered their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a report on Tuesday, March 31st.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of Progress Software stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total transaction of $813,014.10. Following the completion of the transaction, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $585,156.30. The trade was a 58.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Diamond Hill Capital Management Inc. boosted its position in Progress Software by 145.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock worth $20,410,000 after purchasing an additional 275,205 shares during the period. Segall Bryant & Hamill LLC boosted its position in Progress Software by 19.4% during the third quarter. Segall Bryant & Hamill LLC now owns 643,145 shares of the software maker’s stock worth $28,253,000 after purchasing an additional 104,611 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Progress Software during the third quarter worth $5,175,000. LSV Asset Management boosted its position in Progress Software by 183.0% during the third quarter. LSV Asset Management now owns 362,000 shares of the software maker’s stock worth $15,903,000 after purchasing an additional 234,100 shares during the period. Finally, Heron Bay Capital Management boosted its position in Progress Software by 117.1% during the third quarter. Heron Bay Capital Management now owns 254,311 shares of the software maker’s stock worth $11,172,000 after purchasing an additional 137,189 shares during the period.

Progress Software Price Performance

Shares of PRGS opened at $29.87 on Friday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.28 and a beta of 0.78. Progress Software has a 1-year low of $23.82 and a 1-year high of $65.50. The company’s fifty day simple moving average is $31.40 and its 200 day simple moving average is $38.27. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97.

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

Progress Software Company Profile

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.