Progress Software (NASDAQ:PRGS) Shares Up 6.5% – Should You Buy?

Progress Software Corporation (NASDAQ:PRGS) rose 6.5% during mid-day trading on Friday . The company traded as high as $31.99 and last traded at $31.7430. 51,673 shares traded hands during trading, a decline of 95% from the average daily volume of 948,769 shares. The stock had previously closed at $29.81.

Analysts Set New Price Targets

PRGS has been the topic of several analyst reports. Oppenheimer cut their price target on Progress Software from $70.00 to $57.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Jefferies Financial Group lowered their target price on Progress Software from $45.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday, March 31st. DA Davidson reduced their price target 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. Wedbush decreased their price target on Progress Software from $65.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, March 31st. Finally, Citigroup lowered their price objective 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. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.50.

Progress Software Stock Up 7.9%

The business’s fifty day simple moving average is $29.77 and its two-hundred day simple moving average is $35.19. The company has a market cap of $1.35 billion, a PE ratio of 16.50, a PEG ratio of 1.28 and a beta of 0.83. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.47 and a quick ratio of 0.47.

Progress Software (NASDAQ:PRGS) last posted 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 net margin of 8.61% and a return on equity of 43.67%. The business had revenue of $248.00 million for the quarter, compared to analyst estimates of $246.40 million. During the same period in the prior year, the company posted $1.31 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts predict that Progress Software Corporation will post 4.68 earnings per share for the current year.

Hedge Funds Weigh In On Progress Software

A number of hedge funds have recently bought and sold shares of PRGS. Hantz Financial Services Inc. grew its holdings in 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 during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Progress Software during the 4th quarter worth approximately $42,000. Osaic Holdings Inc. lifted its position in shares of Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock valued at $62,000 after buying an additional 637 shares in the last quarter. Geneos Wealth Management Inc. purchased a new position in shares of Progress Software during the 1st quarter valued at approximately $26,000. Finally, Advisors Asset Management Inc. grew its stake in 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.