Progress Software (NASDAQ:PRGS) Upgraded to “Strong-Buy” at StockNews.com

Progress Software (NASDAQ:PRGSGet Rating) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Thursday.

Other equities research analysts have also issued reports about the company. Citigroup lowered their price objective on Progress Software from $52.00 to $46.00 in a research note on Thursday, September 29th. Jefferies Financial Group initiated coverage on shares of Progress Software in a research note on Friday, September 9th. They set a “hold” rating and a $52.00 price objective for the company. Finally, Guggenheim began coverage on shares of Progress Software in a research note on Friday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.75.

Progress Software Trading Up 1.2 %

PRGS stock opened at $49.58 on Thursday. The firm has a fifty day moving average price of $46.03 and a 200 day moving average price of $46.99. Progress Software has a fifty-two week low of $40.33 and a fifty-two week high of $53.99. The firm has a market cap of $2.13 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 7.30 and a beta of 1.05. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.30 and a current ratio of 1.30.

Progress Software (NASDAQ:PRGSGet Rating) last issued its quarterly earnings data on Tuesday, September 27th. The software maker reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. The business had revenue of $153.06 million during the quarter, compared to analysts’ expectations of $148.10 million. Progress Software had a net margin of 14.75% and a return on equity of 39.31%. The business’s revenue was up .3% on a year-over-year basis. During the same period last year, the company posted $1.06 EPS. Sell-side analysts anticipate that Progress Software will post 3.46 earnings per share for the current fiscal year.

Insider Transactions at Progress Software

In other news, CAO Domenic Lococo sold 500 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $50.94, for a total transaction of $25,470.00. Following the completion of the sale, the chief accounting officer now directly owns 1,886 shares of the company’s stock, valued at $96,072.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progress Software news, EVP Jennifer Ortiz sold 1,254 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $50.14, for a total transaction of $62,875.56. Following the transaction, the executive vice president now directly owns 4,984 shares in the company, valued at approximately $249,897.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 500 shares of Progress Software stock in a transaction on Friday, October 28th. The shares were sold at an average price of $50.94, for a total value of $25,470.00. Following the sale, the chief accounting officer now directly owns 1,886 shares of the company’s stock, valued at $96,072.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,449 shares of company stock worth $862,581. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Progress Software during the 1st quarter valued at about $108,000. Simplex Trading LLC raised its position in shares of Progress Software by 139.2% in the 1st quarter. Simplex Trading LLC now owns 2,383 shares of the software maker’s stock worth $112,000 after acquiring an additional 8,469 shares in the last quarter. Penserra Capital Management LLC lifted its stake in shares of Progress Software by 50.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,622 shares of the software maker’s stock worth $123,000 after purchasing an additional 874 shares during the last quarter. Captrust Financial Advisors boosted its position in Progress Software by 75.1% during the first quarter. Captrust Financial Advisors now owns 3,525 shares of the software maker’s stock valued at $166,000 after purchasing an additional 1,512 shares in the last quarter. Finally, James Investment Research Inc. purchased a new position in Progress Software in the second quarter valued at about $182,000. 98.90% of the stock is currently owned by institutional investors.

About Progress Software

(Get Rating)

Progress Software Corporation develops, deploys, and manages business applications. The company offers OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; developer tools that consists of components for user interface development for Web, mobile, desktop, chat, and AR/VR apps, as well as automated application testing and reporting tools; Sitefinity, a web content management and customer analytics platform; Corticon, a business rules management system that provides applications with decision automation and change process, and decision-related insight capabilities.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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