Progress Software (NASDAQ:PRGS) Given New $75.00 Price Target at DA Davidson

Progress Software (NASDAQ:PRGS) had its target price hoisted by DA Davidson from $70.00 to $75.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

PRGS has been the topic of several other research reports. Wedbush reissued an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a report on Friday. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research report on Friday. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a report on Friday. Finally, Citigroup reaffirmed a “neutral” rating on shares of Progress Software in a report on Friday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Progress Software presently has an average rating of “Moderate Buy” and an average target price of $75.17.

Progress Software Trading Down 13.0%

Progress Software stock opened at $55.52 on Tuesday. Progress Software has a 1 year low of $50.68 and a 1 year high of $70.56. The firm’s 50-day moving average is $61.97 and its 200-day moving average is $59.70. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $2.39 billion, a P/E ratio of 42.38, a PEG ratio of 3.05 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a net margin of 6.63% and a return on equity of 44.24%. The firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. During the same quarter in the prior year, the business earned $1.09 earnings per share. Progress Software’s quarterly revenue was up 35.6% on a year-over-year basis. On average, equities analysts expect that Progress Software will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 703 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $56.29, for a total transaction of $39,571.87. Following the completion of the transaction, the insider owned 8,317 shares in the company, valued at approximately $468,163.93. The trade was a 7.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Large investors have recently bought and sold shares of the stock. Swedbank AB lifted its stake in shares of Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock worth $37,538,000 after acquiring an additional 289,122 shares during the period. Inspire Investing LLC raised its holdings in Progress Software by 14.3% during the first quarter. Inspire Investing LLC now owns 7,793 shares of the software maker’s stock worth $401,000 after purchasing an additional 973 shares in the last quarter. Rhumbline Advisers raised its holdings in Progress Software by 1.8% during the first quarter. Rhumbline Advisers now owns 121,063 shares of the software maker’s stock worth $6,236,000 after purchasing an additional 2,193 shares in the last quarter. Intech Investment Management LLC lifted its position in Progress Software by 45.0% in the first quarter. Intech Investment Management LLC now owns 28,202 shares of the software maker’s stock worth $1,453,000 after purchasing an additional 8,756 shares during the period. Finally, Jane Street Group LLC boosted its stake in Progress Software by 206.8% during the 1st quarter. Jane Street Group LLC now owns 111,326 shares of the software maker’s stock valued at $5,734,000 after purchasing an additional 75,044 shares in 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.