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

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PRGS shares. Wedbush reduced their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Citigroup cut their price objective on Progress Software from $60.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Weiss Ratings raised Progress Software from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, April 1st. DA Davidson lowered their target price on Progress Software from $70.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Finally, Oppenheimer lowered their target price on Progress Software from $70.00 to $57.00 and set an “outperform” rating for the company in a research report on Tuesday, March 31st. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has a consensus rating of “Moderate Buy” and an average target price of $52.50.

Progress Software Stock Performance

The firm has a market capitalization of $1.22 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.10 and a beta of 0.76. 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 company has a 50-day moving average of $35.84 and a 200-day moving average of $40.51.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Monday, March 30th. The software maker reported $1.60 earnings per share (EPS) for the quarter, topping 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 business had revenue of $248.00 million during the quarter, compared to analyst estimates of $246.40 million. During the same period last year, the company earned $1.31 EPS. Progress Software’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities analysts anticipate that Progress Software Corporation will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progress Software news, EVP Sundar Subramanian sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $38.28, for a total transaction of $61,248.00. Following the completion of the sale, the executive vice president directly owned 15,542 shares of the company’s stock, valued at approximately $594,947.76. The trade was a 9.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 6,000 shares of the business’s 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 sale, the chief financial officer directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,546 shares of company stock valued at $1,171,546 over the last three months. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRGS. LSV Asset Management lifted its position in shares of Progress Software by 171.2% during 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 in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Progress Software in the third quarter valued at approximately $16,324,000. Marshall Wace LLP grew its holdings in shares of Progress Software by 732.6% in the third quarter. Marshall Wace LLP now owns 357,384 shares of the software maker’s stock valued at $15,700,000 after acquiring an additional 314,459 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Progress Software by 145.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock valued at $20,410,000 after acquiring an additional 275,205 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after acquiring an additional 243,950 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.