Progress Software (NASDAQ:PRGS) Rating Reiterated by Oppenheimer

Progress Software (NASDAQ:PRGS)‘s stock had its “outperform” rating reaffirmed by stock analysts at Oppenheimer in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $66.00 target price on the software maker’s stock. Oppenheimer’s price objective points to a potential upside of 23.80% from the company’s previous close.

Separately, Wedbush raised their price target on shares of Progress Software from $65.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.50.

Progress Software Stock Performance

Progress Software stock opened at $53.31 on Wednesday. The company has a market capitalization of $2.34 billion, a PE ratio of 34.62, a P/E/G ratio of 6.94 and a beta of 0.95. The firm has a fifty day simple moving average of $55.20 and a two-hundred day simple moving average of $54.20. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. Progress Software has a twelve month low of $49.02 and a twelve month high of $62.34.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 37.04% and a net margin of 9.67%. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $181.91 million. During the same period in the prior year, the business posted $1.01 EPS. Progress Software’s quarterly revenue was up 11.5% compared to the same quarter last year. Research analysts expect that Progress Software will post 3.79 EPS for the current year.

Insider Activity

In related news, EVP Sundar Subramanian sold 750 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the transaction, the executive vice president now directly owns 13,942 shares of the company’s stock, valued at $726,657.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Progress Software news, EVP Sundar Subramanian sold 750 shares of the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $52.12, for a total value of $39,090.00. Following the completion of the transaction, the executive vice president now owns 13,942 shares in the company, valued at $726,657.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Yogesh K. Gupta sold 40,174 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $56.95, for a total transaction of $2,287,909.30. Following the sale, the chief executive officer now directly owns 186,558 shares in the company, valued at approximately $10,624,478.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,998 shares of company stock valued at $4,651,992. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently modified their holdings of PRGS. PNC Financial Services Group Inc. grew its position in Progress Software by 2.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,942 shares of the software maker’s stock valued at $403,000 after purchasing an additional 176 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Progress Software by 4.3% in the fourth quarter. Lazard Asset Management LLC now owns 4,594 shares of the software maker’s stock valued at $231,000 after acquiring an additional 190 shares in the last quarter. Kendall Capital Management increased its stake in Progress Software by 1.4% during the fourth quarter. Kendall Capital Management now owns 13,955 shares of the software maker’s stock worth $758,000 after acquiring an additional 195 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Progress Software by 1.1% in the fourth quarter. Captrust Financial Advisors now owns 17,769 shares of the software maker’s stock valued at $896,000 after purchasing an additional 195 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its holdings in shares of Progress Software by 3.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 6,107 shares of the software maker’s stock valued at $332,000 after acquiring an additional 197 shares during the period.

Progress Software Company Profile

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.