Progress Software Corporation (NASDAQ:PRGS) Given Average Rating of "Moderate Buy" by Brokerages

Progress Software Corporation (NASDAQ:PRGS) has received a "Moderate Buy" consensus from six brokerages, with an average 12-month price target of $68. Recent analyst actions include downgrades and upgrades, with price targets ranging from $50 to $75. The company reported strong quarterly earnings, beating estimates. Insider transactions show significant stock sales, and hedge funds have adjusted their holdings. The stock opened at $43.38, with a market cap of $1.86 billion.

Shares of Progress Software Corporation (NASDAQ:PRGS - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the six brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $68.00.

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Progress Software: Making Progress Driven by the AI Revolution

PRGS has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of Progress Software from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Saturday, October 25th. DA Davidson reiterated a "buy" rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, September 30th. Citigroup upgraded shares of Progress Software from a "neutral" rating to a "buy" rating and set a $57.00 price objective for the company in a report on Monday, October 13th. Wall Street Zen upgraded Progress Software from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Finally, Jefferies Financial Group decreased their price target on Progress Software from $60.00 to $50.00 and set a "hold" rating for the company in a research note on Tuesday, September 30th.

View Our Latest Stock Report on PRGS

Progress Software Price Performance

Market Got It Wrong—Why Progress Software Deserves a Second Look

Shares of NASDAQ PRGS opened at $43.38 on Thursday. The company has a 50 day simple moving average of $43.43 and a two-hundred day simple moving average of $48.95. Progress Software has a fifty-two week low of $39.00 and a fifty-two week high of $70.28. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 39.44, a P/E/G ratio of 1.85 and a beta of 0.64. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.44 and a current ratio of 0.44.

Progress Software (NASDAQ:PRGS - Get Free Report) last posted its quarterly earnings results on Monday, September 29th. The software maker reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.20. The company had revenue of $249.80 million for the quarter, compared to the consensus estimate of $240.11 million. Progress Software had a return on equity of 43.68% and a net margin of 5.16%.The firm's quarterly revenue was up 39.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 EPS. Progress Software has set its FY 2025 guidance at 5.500-5.560 EPS and its Q4 2025 guidance at 1.290-1.350 EPS. Analysts expect that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

Progress Software Stock Back in the Green After Beating Forecasts

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the transaction, the insider owned 668 shares in the company, valued at $30,901.68. This represents a 68.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 5,474 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total transaction of $254,376.78. Following the completion of the sale, the chief financial officer owned 42,559 shares in the company, valued at $1,977,716.73. This represents a 11.40% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 7,311 shares of company stock valued at $339,332. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Maseco LLP bought a new stake in shares of Progress Software in the second quarter worth $28,000. Quaker Wealth Management LLC boosted its position in Progress Software by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker's stock worth $29,000 after purchasing an additional 900 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of Progress Software during the 2nd quarter valued at about $41,000. Advisors Asset Management Inc. increased its position in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker's stock valued at $54,000 after purchasing an additional 604 shares during the last quarter. Finally, Osaic Holdings Inc. lifted its stake in shares of Progress Software by 183.0% in the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock worth $62,000 after purchasing an additional 637 shares during the period.

About Progress Software

(Get Free Report)

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.

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