Progress Software (NASDAQ:PRGS) Price Target Raised to $64.00

Progress Software (NASDAQ:PRGS – Get Rating) had its price objective upped by analysts at Guggenheim from $60.00 to $64.00 in a note issued to investors on Monday, The Fly reports. The firm currently has a “buy” rating on the software maker’s stock. Guggenheim’s price target would indicate a potential upside of 10.02% from the company’s current price.

Progress Software Stock Up 1.9 %

Shares of NASDAQ:PRGS opened at $58.17 on Monday. Progress Software has a 52 week low of $40.33 and a 52 week high of $59.00. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.34 and a current ratio of 1.34. The company’s fifty day moving average is $55.22 and its 200-day moving average is $50.89. The company has a market capitalization of $2.52 billion, a PE ratio of 26.88, a P/E/G ratio of 8.17 and a beta of 0.99.

Progress Software (NASDAQ:PRGS – Get Rating) last issued its earnings results on Tuesday, January 17th. The software maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $159.17 million during the quarter, compared to analyst estimates of $163.04 million. Progress Software had a net margin of 15.79% and a return on equity of 41.04%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 EPS. Equities research analysts predict that Progress Software will post 3.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 3,970 shares of the business’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $56.82, for a total value of $225,575.40. Following the transaction, the insider now owns 1,132 shares of the company’s stock, valued at $64,320.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Ian Pitt sold 3,970 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $56.82, for a total value of $225,575.40. Following the completion of the sale, the insider now owns 1,132 shares of the company’s stock, valued at $64,320.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Loren Jarrett sold 4,629 shares of the company’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $55.90, for a total value of $258,761.10. Following the transaction, the executive vice president now directly owns 17,639 shares in the company, valued at approximately $986,020.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,543 shares of company stock valued at $1,947,392. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Progress Software

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Progress Software by 1.7% during the third quarter. Vanguard Group Inc. now owns 4,989,378 shares of the software maker’s stock valued at $212,298,000 after acquiring an additional 84,371 shares during the period. Segall Bryant & Hamill LLC grew its position in shares of Progress Software by 2.1% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,776,994 shares of the software maker’s stock worth $75,609,000 after buying an additional 37,038 shares during the period. Boston Trust Walden Corp grew its position in shares of Progress Software by 0.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,618,856 shares of the software maker’s stock worth $81,671,000 after buying an additional 9,801 shares during the period. State Street Corp lifted its stake in shares of Progress Software by 3.0% in the 1st quarter. State Street Corp now owns 1,459,750 shares of the software maker’s stock valued at $68,740,000 after purchasing an additional 42,824 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Progress Software by 3.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,295,070 shares of the software maker’s stock valued at $58,667,000 after purchasing an additional 45,289 shares during the period.

About Progress Software

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Progress Software Corp. engages in the provision of products that develop and deploy mission-critical business applications. Its products and solutions include OpenEdge, Developer Tools, Sitefinity, Corticon, DataDirect Connect, MOVEit, Chef, WhatsUp Gold, Kemp Loadmaster, and Kemp Flowmon Network Visibility.