Progress Software (NASDAQ:PRGS – Get Free Report) had its price target hoisted by investment analysts at Wedbush from $67.00 to $68.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Wedbush’s target price indicates a potential upside of 22.43% from the company’s previous close.
Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group dropped their target price on shares of Progress Software from $60.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, June 26th. Guggenheim reiterated a “buy” rating and set a $64.00 target price on shares of Progress Software in a research note on Tuesday, June 25th. Finally, Oppenheimer restated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $63.29.
View Our Latest Report on Progress Software
Progress Software Stock Down 1.6 %
Shares of Progress Software stock opened at $55.54 on Thursday. Progress Software has a 12-month low of $48.00 and a 12-month high of $62.34. The company has a quick ratio of 0.95, a current ratio of 1.12 and a debt-to-equity ratio of 1.98. The stock has a 50 day moving average price of $51.86 and a two-hundred day moving average price of $53.02. The stock has a market capitalization of $2.38 billion, a P/E ratio of 33.87, a PEG ratio of 7.25 and a beta of 0.93.
Progress Software (NASDAQ:PRGS – Get Free Report) last posted its quarterly earnings data on Tuesday, June 25th. The software maker reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.13. The business had revenue of $175.08 million during the quarter, compared to the consensus estimate of $168.60 million. Progress Software had a net margin of 10.29% and a return on equity of 36.88%. Equities analysts expect that Progress Software will post 3.89 earnings per share for the current year.
Insider Activity
In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.89, for a total transaction of $29,135.76. Following the completion of the transaction, the executive vice president now owns 17,195 shares in the company, valued at $857,858.55. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progress Software news, EVP Sundar Subramanian sold 584 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the sale, the executive vice president now directly owns 17,195 shares in the company, valued at $857,858.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yufan Stephanie Wang sold 779 shares of Progress Software stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,224 shares of company stock worth $2,569,513. Corporate insiders own 3.40% of the company’s stock.
Hedge Funds Weigh In On Progress Software
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Trust Walden Corp raised its stake in shares of Progress Software by 10.9% in the second quarter. Boston Trust Walden Corp now owns 1,966,696 shares of the software maker’s stock valued at $106,713,000 after acquiring an additional 192,899 shares during the last quarter. Blue Trust Inc. lifted its position in Progress Software by 29.2% during the 2nd quarter. Blue Trust Inc. now owns 1,640 shares of the software maker’s stock worth $87,000 after buying an additional 371 shares in the last quarter. Swedbank AB grew its holdings in Progress Software by 144.2% during the 2nd quarter. Swedbank AB now owns 474,447 shares of the software maker’s stock worth $25,743,000 after acquiring an additional 280,195 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Progress Software in the 2nd quarter valued at about $1,692,000. Finally, SG Americas Securities LLC raised its stake in shares of Progress Software by 114.1% in the second quarter. SG Americas Securities LLC now owns 18,115 shares of the software maker’s stock worth $983,000 after acquiring an additional 9,653 shares during the last quarter.
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.
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