Progress Software (NASDAQ:PRGS) Receives “Buy” Rating from Guggenheim

Guggenheim reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research report sent to investors on Tuesday morning,Benzinga reports. Guggenheim currently has a $83.00 price target on the software maker’s stock.

A number of other research firms have also recently issued reports on PRGS. Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday. DA Davidson reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Progress Software in a research note on Tuesday, January 21st. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and an average price target of $75.17.

Progress Software Trading Down 1.7 %

NASDAQ PRGS opened at $57.99 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56. The firm’s fifty day simple moving average is $55.83 and its 200-day simple moving average is $62.03. The company has a market capitalization of $2.50 billion, a PE ratio of 37.17, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 31st. The software maker reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.27. Progress Software had a return on equity of 41.56% and a net margin of 9.08%. The company had revenue of $238.02 million for the quarter, compared to analyst estimates of $235.64 million. During the same period in the prior year, the firm posted $1.25 EPS. The business’s revenue was up 28.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Progress Software will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the completion of the sale, the chief financial officer now owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock worth $984,621 over the last ninety days. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bessemer Group Inc. grew its position in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of Progress Software in the 4th quarter worth approximately $33,000. Smartleaf Asset Management LLC lifted its position in shares of Progress Software by 893.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC grew its holdings in shares of Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 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.