Progress Software (NASDAQ:PRGS) Shares Up 6.1% – Should You Buy?

Progress Software Corporation (NASDAQ:PRGS) traded up 6.1% on Monday . The stock traded as high as $27.25 and last traded at $27.3260. 164,026 shares traded hands during trading, a decline of 85% from the average session volume of 1,096,540 shares. The stock had previously closed at $25.76.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PRGS shares. DA Davidson cut 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. Weiss Ratings raised shares of Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Oppenheimer reduced their target price on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 31st. Jefferies Financial Group lowered their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, March 31st. Finally, Citigroup dropped their price target on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, April 1st. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Progress Software currently has an average rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Price Performance

The stock has a 50 day moving average of $36.38 and a 200-day moving average of $40.71. The company has a current ratio of 0.47, a quick ratio of 0.49 and a debt-to-equity ratio of 1.97. The stock has a market capitalization of $1.18 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.10 and a beta of 0.76.

Progress Software (NASDAQ:PRGS) last released its earnings results 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. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The business had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same quarter last year, the firm posted $1.31 earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the transaction, the chief financial officer owned 48,802 shares of the company’s stock, valued at $1,952,080. This represents a 10.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the executive vice president owned 15,542 shares in the company, valued at approximately $585,156.30. This represents a 58.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,546 shares of company stock worth $1,171,546 in the last ninety days. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of the business. Boston Trust Walden Corp lifted its holdings in Progress Software by 8.6% during the third quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after buying an additional 153,957 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Progress Software by 26.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after purchasing an additional 243,950 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Progress Software by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,139,309 shares of the software maker’s stock worth $50,044,000 after purchasing an additional 20,669 shares during the last quarter. Geode Capital Management LLC boosted its position in Progress Software by 0.6% during the fourth 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 in the last quarter. Finally, LSV Asset Management grew its stake in Progress Software by 171.2% in the fourth quarter. LSV Asset Management now owns 981,800 shares of the software maker’s stock valued at $42,178,000 after purchasing an additional 619,800 shares during the last quarter.

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.