Progress Software Corporation (NASDAQ:PRGS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Progress Software Corporation (NASDAQ:PRGS) has been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $52.50.

A number of equities research analysts have weighed in on PRGS shares. DA Davidson cut their price objective on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Oppenheimer cut their price objective on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Weiss Ratings cut shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Wedbush cut their price objective on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, March 31st. Finally, Citigroup cut their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st.

Progress Software Price Performance

PRGS stock opened at $29.68 on Monday. Progress Software has a 1 year low of $23.82 and a 1 year high of $65.50. The company has a market cap of $1.25 billion, a P/E ratio of 15.22, a PEG ratio of 1.27 and a beta of 0.83. The firm has a 50-day moving average of $29.64 and a 200 day moving average of $35.59. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47.

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

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently added to or reduced their stakes in PRGS. ProShare Advisors LLC boosted its stake in shares of Progress Software by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 8,333 shares of the software maker’s stock worth $358,000 after purchasing an additional 258 shares during the period. California State Teachers Retirement System boosted its position in Progress Software by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 39,639 shares of the software maker’s stock valued at $2,531,000 after buying an additional 333 shares during the period. Susquehanna Fundamental Investments LLC boosted its position in Progress Software by 0.9% in the 4th quarter. Susquehanna Fundamental Investments LLC now owns 48,522 shares of the software maker’s stock valued at $2,085,000 after buying an additional 450 shares during the period. Hantz Financial Services Inc. boosted its position in Progress Software by 194.1% in the 4th quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after buying an additional 493 shares during the period. Finally, Advisory Research Inc. boosted its position in Progress Software by 3.8% in the 3rd quarter. Advisory Research Inc. now owns 15,209 shares of the software maker’s stock valued at $668,000 after buying an additional 562 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.