Progress Software (NASDAQ:PRGS) Trading 6.5% Higher – Here’s What Happened

Progress Software Corporation (NASDAQ:PRGS) shares were up 6.5% on Friday . The stock traded as high as $31.99 and last traded at $31.7430. 51,673 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 948,769 shares. The stock had previously closed at $29.81.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Citigroup cut their price objective 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 Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Oppenheimer dropped their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. DA Davidson cut their price target on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Finally, Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Progress Software Stock Performance

The business’s 50-day moving average price is $29.77 and its 200-day moving average price is $35.19. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The stock has a market cap of $1.35 billion, a PE ratio of 16.50, a P/E/G ratio of 1.28 and a beta of 0.83.

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

Institutional Trading of Progress Software

A number of institutional investors have recently made changes to their positions in the business. Hillsdale Investment Management Inc. raised its position in Progress Software by 37.2% during the 4th quarter. Hillsdale Investment Management Inc. now owns 124,750 shares of the software maker’s stock worth $5,359,000 after buying an additional 33,800 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in Progress Software by 19.4% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 643,145 shares of the software maker’s stock valued at $28,253,000 after acquiring an additional 104,611 shares during the period. Dana Investment Advisors Inc. purchased a new stake in shares of Progress Software in the 4th quarter valued at $6,011,000. M&T Bank Corp purchased a new stake in shares of Progress Software in the 4th quarter valued at $3,626,000. Finally, Heron Bay Capital Management increased its stake in shares of Progress Software by 117.1% in the third quarter. Heron Bay Capital Management now owns 254,311 shares of the software maker’s stock worth $11,172,000 after acquiring an additional 137,189 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.