Progress Software Co. (NASDAQ:PRGS - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $68.02 and last traded at $67.86, with a volume of 18163 shares changing hands. The stock had previously closed at $67.80.
Several equities analysts recently commented on PRGS shares. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Wedbush reaffirmed an "outperform" rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $67.67.
Check Out Our Latest Report on PRGS
The company has a market cap of $2.88 billion, a P/E ratio of 36.26, a PEG ratio of 8.09 and a beta of 0.92. The stock's 50-day moving average price is $62.56 and its 200-day moving average price is $56.47. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.
Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Tuesday, September 24th. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The business had revenue of $178.69 million during the quarter, compared to the consensus estimate of $176.16 million. Progress Software had a net margin of 11.55% and a return on equity of 38.69%. Progress Software's revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 EPS. As a group, research analysts forecast that Progress Software Co. will post 3.95 EPS for the current year.
In other news, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the company's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.30% of the company's stock.
Several hedge funds have recently added to or reduced their stakes in PRGS. Texas Permanent School Fund Corp raised its holdings in shares of Progress Software by 2.0% in the 1st quarter. Texas Permanent School Fund Corp now owns 38,403 shares of the software maker's stock worth $2,047,000 after purchasing an additional 769 shares during the period. Duality Advisers LP bought a new stake in Progress Software in the 1st quarter valued at about $680,000. Sciencast Management LP bought a new position in Progress Software during the first quarter worth about $304,000. SG Americas Securities LLC bought a new stake in shares of Progress Software in the first quarter valued at approximately $451,000. Finally, Russell Investments Group Ltd. boosted its holdings in Progress Software by 1.8% in the 1st quarter. Russell Investments Group Ltd. now owns 52,778 shares of the software maker's stock worth $2,814,000 after buying an additional 946 shares during the period.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Progress Software, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Progress Software wasn't on the list.
While Progress Software currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.