Progress Software Corporation (NASDAQ:PRGS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Progress Software Corporation (NASDAQ:PRGS) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $52.50.

A number of research analysts recently weighed in on PRGS shares. Jefferies Financial Group reduced their price objective on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings downgraded shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Citigroup cut their price target on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, April 1st. Oppenheimer cut their price target on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Finally, Wedbush cut their price target on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total value of $813,014.10. Following the completion of the transaction, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $585,156.30. This trade represents a 58.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Progress Software in the 1st quarter valued at $26,000. Parallel Advisors LLC lifted its holdings in shares of Progress Software by 142.0% during the 1st quarter. Parallel Advisors LLC now owns 1,113 shares of the software maker’s stock worth $29,000 after acquiring an additional 653 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of Progress Software by 194.1% during the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock worth $32,000 after acquiring an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Progress Software during the 4th quarter worth $42,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares during the last quarter.

Progress Software Stock Up 0.8%

Progress Software stock opened at $29.74 on Thursday. Progress Software has a 1-year low of $23.82 and a 1-year high of $65.50. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 1.26 and a beta of 0.78. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.97. The firm has a 50 day simple moving average of $28.70 and a 200 day simple moving average of $36.75.

Progress Software (NASDAQ:PRGS) last released its quarterly earnings data on Monday, March 30th. The software maker reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.03. Progress Software had a net margin of 8.61% and a return on equity of 43.67%. The business had revenue of $248.00 million during the quarter, compared to analyst estimates of $246.40 million. During the same period in the previous year, the business earned $1.31 EPS. Progress Software’s revenue was up 4.1% compared to the same quarter last year. On average, analysts predict that Progress Software will post 4.68 earnings per share for the current year.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.