Progress Software’s (PRGS) “Outperform” Rating Reiterated at Wedbush

Progress Software (NASDAQ:PRGS)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report issued on Tuesday, Benzinga reports. They currently have a $65.00 price objective on the software maker’s stock. Wedbush’s target price suggests a potential upside of 14.06% from the company’s current price.

Other research analysts have also recently issued reports about the company. Citigroup upped their price objective on Progress Software from $57.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, August 8th. StockNews.com assumed coverage on shares of Progress Software in a report on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, Oppenheimer lifted their target price on shares of Progress Software from $63.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, June 30th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.40.

Progress Software Stock Up 0.4 %

PRGS stock opened at $56.99 on Tuesday. Progress Software has a 52 week low of $40.33 and a 52 week high of $62.34. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.85. The firm has a 50-day simple moving average of $59.36 and a 200-day simple moving average of $57.86. The stock has a market capitalization of $2.47 billion, a P/E ratio of 30.97, a P/E/G ratio of 8.15 and a beta of 0.91.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results on Thursday, June 29th. The software maker reported $1.06 EPS for the quarter, topping the consensus estimate of $0.90 by $0.16. The firm had revenue of $179.23 million during the quarter, compared to analysts’ expectations of $169.78 million. Progress Software had a return on equity of 40.44% and a net margin of 12.49%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.87 earnings per share. Equities analysts forecast that Progress Software will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progress Software news, insider Kathryn Kulikoski sold 3,265 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $61.06, for a total value of $199,360.90. Following the transaction, the insider now directly owns 2,073 shares in the company, valued at $126,577.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progress Software news, CFO Anthony Folger sold 2,513 shares of the company’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $58.44, for a total value of $146,859.72. Following the completion of the transaction, the chief financial officer now owns 20,098 shares in the company, valued at $1,174,527.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kathryn Kulikoski sold 3,265 shares of Progress Software stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $61.06, for a total value of $199,360.90. Following the sale, the insider now owns 2,073 shares in the company, valued at approximately $126,577.38. The disclosure for this sale can be found here. Insiders sold a total of 19,161 shares of company stock worth $1,134,633 over the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of Progress Software by 23.6% during the first quarter. Raymond James & Associates now owns 50,145 shares of the software maker’s stock worth $2,361,000 after acquiring an additional 9,590 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Progress Software by 19.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,822 shares of the software maker’s stock worth $322,000 after purchasing an additional 1,108 shares during the period. MetLife Investment Management LLC grew its position in Progress Software by 57.1% during the 1st quarter. MetLife Investment Management LLC now owns 23,303 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 8,470 shares during the last quarter. Rhumbline Advisers increased its stake in Progress Software by 7.3% in the first quarter. Rhumbline Advisers now owns 111,895 shares of the software maker’s stock valued at $5,269,000 after purchasing an additional 7,594 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Progress Software by 14.9% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,088 shares of the software maker’s stock valued at $1,794,000 after acquiring an additional 4,951 shares during the last quarter.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications. 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, a flexible 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.