Analysts Set Progress Software Corporation (NASDAQ:PRGS) PT at $52.50

Progress Software Corporation (NASDAQ:PRGS) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $46.40.

A number of equities analysts recently weighed in on PRGS shares. Jefferies Financial Group dropped their target price on shares of Progress Software from $45.00 to $34.00 and set a “hold” rating for the company in a research report on Tuesday, March 31st. Wedbush dropped their target price on shares of Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Oppenheimer dropped their target price on shares of Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, April 16th. Finally, Citigroup lowered their price objective on shares of Progress Software from $60.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, April 1st.

Hedge Funds Weigh In On Progress Software

Institutional investors have recently bought and sold shares of the business. Hantz Financial Services Inc. lifted its position in Progress Software by 194.1% during 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 during the last quarter. Kemnay Advisory Services Inc. bought a new position in Progress Software during the fourth quarter valued at $42,000. Osaic Holdings Inc. lifted its position in Progress Software by 183.0% during the second quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after purchasing an additional 637 shares during the last quarter. Geneos Wealth Management Inc. bought a new position in Progress Software during the first quarter valued at $26,000. Finally, Advisors Asset Management Inc. lifted its position in Progress Software by 135.1% during the first 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.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $33.15 on Monday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a fifty day moving average price of $29.84 and a 200 day moving average price of $35.18. Progress Software has a fifty-two week low of $23.82 and a fifty-two week high of $65.50. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.27 and a beta of 0.83.

Progress Software (NASDAQ:PRGS) last issued 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 net margin of 8.61% and a return on equity of 43.67%. The firm had revenue of $248.00 million during the quarter, compared to analyst estimates of $246.40 million. During the same quarter in the prior year, the business earned $1.31 earnings per share. Progress Software’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, sell-side analysts expect that Progress Software will post 4.68 earnings per share for the current fiscal year.

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.