Progress Software (NASDAQ:PRGS) Trading Up 6.1% – Here’s What Happened

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

Analyst Upgrades and Downgrades

PRGS has been the subject of a number of recent research reports. Jefferies Financial Group cut their price target on Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Oppenheimer dropped their price target 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. Wedbush reduced their price objective on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. Citigroup lowered their target price on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Finally, Weiss Ratings upgraded Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.50.

Progress Software Stock Up 9.1%

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

Progress Software (NASDAQ:PRGS) last issued its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.03. Progress Software had a return on equity of 43.67% and a net margin of 8.61%.The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $246.40 million. During the same quarter last year, the company earned $1.31 EPS. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. Analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current year.

Insiders Place Their Bets

In other Progress Software news, EVP Sundar Subramanian sold 21,594 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $37.65, for a total transaction of $813,014.10. Following the completion of the transaction, the executive vice president owned 15,542 shares of the company’s stock, valued at $585,156.30. This represents a 58.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 6,000 shares of Progress Software stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $40.00, for a total value of $240,000.00. Following the completion of the sale, the chief financial officer directly owned 48,802 shares in the company, valued at $1,952,080. This trade represents a 10.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 30,546 shares of company stock valued at $1,171,546. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors have recently added to or reduced their stakes in PRGS. Hantz Financial Services Inc. grew its holdings in shares of Progress Software by 194.1% in the fourth quarter. Hantz Financial Services Inc. now owns 747 shares of the software maker’s stock valued at $32,000 after purchasing an additional 493 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Progress Software during the fourth quarter valued at $42,000. Advisors Asset Management Inc. grew its stake in shares of Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after buying an additional 604 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of Progress Software by 1,042.5% in the 4th quarter. TD Private Client Wealth LLC now owns 1,291 shares of the software maker’s stock worth $55,000 after buying an additional 1,178 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in shares of Progress Software by 192.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,332 shares of the software maker’s stock valued at $57,000 after buying an additional 877 shares in the last quarter.

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.