Progress Software (NASDAQ:PRGS) Trading 6.5% Higher – What’s Next?

Progress Software Corporation (NASDAQ:PRGS)’s share price shot up 6.5% during trading on Friday . The company traded as high as $31.99 and last traded at $31.7430. Approximately 51,673 shares changed hands during trading, a decline of 95% from the average session volume of 948,769 shares. The stock had previously closed at $29.81.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. DA Davidson lowered their target price on Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Oppenheimer reduced their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Citigroup decreased their price target on Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings lowered Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Finally, Jefferies Financial Group dropped their price objective on Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.40.

Progress Software Trading Up 11.2%

The company has a market cap of $1.39 billion, a P/E ratio of 17.00, a P/E/G ratio of 1.42 and a beta of 0.83. The business’s 50-day moving average price is $29.84 and its 200 day moving average price is $35.18. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47.

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) 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 company had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $246.40 million. During the same period in the prior year, the firm earned $1.31 EPS. Progress Software’s quarterly revenue was up 4.1% compared to the same quarter last year. As a group, analysts expect that Progress Software Corporation will post 4.68 earnings per share for the current year.

Institutional Trading of Progress Software

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in shares of Progress Software by 10.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,233,830 shares of the software maker’s stock worth $31,659,000 after acquiring an additional 121,314 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Progress Software by 133.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,221,647 shares of the software maker’s stock valued at $31,335,000 after purchasing an additional 698,611 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Progress Software by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,081,487 shares of the software maker’s stock valued at $46,468,000 after purchasing an additional 6,095 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Progress Software by 15.0% during the first quarter. The Manufacturers Life Insurance Company now owns 1,070,327 shares of the software maker’s stock worth $27,454,000 after purchasing an additional 139,257 shares during the period. Finally, LSV Asset Management boosted its position in Progress Software by 171.2% during the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock worth $42,178,000 after purchasing an additional 619,800 shares during the period.

Progress Software Company Profile

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.