Oppenheimer Cuts Progress Software (NASDAQ:PRGS) Price Target to $57.00

Progress Software (NASDAQ:PRGS) had its target price reduced by Oppenheimer from $70.00 to $57.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other equities research analysts have also commented on PRGS. Wedbush reduced their price target on shares of Progress Software from $75.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Jefferies Financial Group dropped their target price on Progress Software from $50.00 to $45.00 and set a “hold” rating on the stock in a research report on Monday, January 5th. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Citigroup upped their price objective on Progress Software from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Finally, DA Davidson cut their price objective on shares of Progress Software from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Stock Up 2.7%

Shares of NASDAQ:PRGS opened at $25.76 on Tuesday. The business’s 50 day moving average is $36.72 and its 200 day moving average is $40.84. The stock has a market cap of $1.08 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 1.07 and a beta of 0.76. Progress Software has a 52-week low of $23.82 and a 52-week high of $65.50. The company has a quick ratio of 0.49, a current ratio of 0.47 and a debt-to-equity ratio of 1.97.

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, beating 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 during the quarter, compared to analyst estimates of $246.40 million. During the same period in the previous year, the company posted $1.31 EPS. Progress Software’s revenue was up 4.1% on a year-over-year basis. Sell-side analysts predict that Progress Software will post 4.01 EPS for the current year.

Insider Buying and Selling at Progress Software

In related news, EVP Sundar Subramanian sold 21,594 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $37.65, for a total transaction of $813,014.10. Following the transaction, the executive vice president directly owned 15,542 shares of the company’s stock, valued at $585,156.30. This represents a 58.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 6,000 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were 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 owned 48,802 shares of the company’s stock, valued at approximately $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. Over the last 90 days, insiders have sold 30,546 shares of company stock worth $1,171,546. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Elevation Point Wealth Partners LLC purchased a new stake in Progress Software during the 2nd quarter worth approximately $41,000. Hantz Financial Services Inc. raised 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 worth $32,000 after buying an additional 493 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Progress Software during the fourth quarter worth $42,000. Osaic Holdings Inc. grew its holdings in shares of 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 buying an additional 637 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position 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 valued at $54,000 after acquiring an additional 604 shares during the period.

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.