Shares of Progress Software Corporation (NASDAQ:PRGS – Get Free Report) have received a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, 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 price objective among brokers that have updated their coverage on the stock in the last year is $52.50.
Several equities research analysts recently commented on PRGS shares. Wedbush reduced their price objective on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. DA Davidson reduced their price objective on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, April 16th. Oppenheimer cut their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Finally, Citigroup cut 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.
View Our Latest Analysis on PRGS
Progress Software Price Performance
Progress Software (NASDAQ:PRGS – Get Free Report) last posted its quarterly earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.03. The firm had revenue of $248.00 million during the quarter, compared to analyst estimates of $246.40 million. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.Progress Software’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.31 EPS. Sell-side analysts predict that Progress Software will post 4.68 earnings per share for the current fiscal year.
Insider Activity
In other Progress Software news, EVP Sundar Subramanian sold 1,600 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the completion of the sale, the executive vice president directly owned 15,542 shares in the company, valued at $594,947.76. The trade was a 9.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Progress Software
A number of large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its stake 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 valued at $31,659,000 after purchasing an additional 121,314 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of 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 acquiring an additional 698,611 shares during the period. Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 6,095 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Progress Software by 15.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,070,327 shares of the software maker’s stock valued at $27,454,000 after acquiring an additional 139,257 shares during the period. Finally, LSV Asset Management grew its stake in shares of Progress Software by 171.2% during the 4th quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after acquiring 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.
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