Key Takeaways
- Guggenheim reissued their buy rating on Progress Software (NASDAQ:PRGS) with a $83.00 target price.
- Key analysts have maintained their positive stance on the company’s stock, citing its strong performance and growth prospects.
- Insider sales and hedge fund activity are being monitored for potential market movements.
Analysts’ Consensus
- Five analysts have given a buy rating to Progress Software’s stock, with an average target price of $75.17.
- Two analysts have rated the stock with a hold rating.
- The average rating of Progress Software’s stock is “Moderate Buy” according to MarketBeat.com.
Recent Earnings Report
Progress Software last announced its earnings results on Monday, March 31st, with a net margin of 9.08% and a return on equity of 41.56%. The firm had revenue of $238.02 million during the quarter, compared to analyst estimates of $235.64 million.
Insider Activity
- CAO Domenic Lococo sold 1,000 shares of the stock in a transaction on Monday, February 3rd, with a total value of $56,240.00.
- Insiders have sold 17,482 shares of company stock worth $984,621 in the last three months.
Hedge Fund Activity
| Hedge Fund | Shares Owned | Market Value |
| Bessemer Group Inc. | 494 shares | $33,000 |
| Orion Capital Management LLC | 765 shares | $50,000 |
| Smartleaf Asset Management LLC | 1,736 shares | $113,000 |
About Progress Software
Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including.NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.
What’s Next for Progress Software’s Stock
Upcoming Events
- Progress Software last announced its earnings results on Monday, March 31st.
- Insider buying and selling activities are being monitored for potential market movements.
- Hedge fund activity is being closely watched for any changes in investor sentiment.
Analyst Outlook
Guggenheim reissued their buy rating on Progress Software, citing the company’s strong performance and growth prospects. The analysts currently have a $83.00 target price on the software maker’s stock. This indicates a positive outlook for the company, which could lead to increased investor confidence and potentially drive up the stock price.
Insider Insights
Insider sales and hedge fund activity are being monitored for any signs of market movement. CAO Domenic Lococo sold 1,000 shares of the stock in a transaction on Monday, February 3rd, with a total value of $56,240.00. This insider sale could be a potential sign of market uncertainty, but it is essential to note that it does not necessarily indicate a change in the company’s fundamentals.
Hedge Fund Activity
Hedge fund activity is being closely watched for any changes in investor sentiment. Bessemer Group Inc. lifted its holdings in shares of Progress Software by 149.5% in the fourth quarter, with a total value of $33,000. Orion Capital Management LLC purchased a new position in shares of Progress Software during the fourth quarter, valued at $33,000. Smartleaf Asset Management LLC raised its position in Progress Software by 893.5% during the fourth quarter, with a total value of $113,000. These hedge fund activities could be indicative of increased investor interest in the company, which may positively impact the stock price. Overall, the analyst consensus and insider activity suggest a positive outlook for Progress Software’s stock. Guggenheim’s reiteration of their buy rating and the ongoing positive sentiment from key analysts indicate a strong foundation for the company. However, it is essential to continue monitoring insider activity and hedge fund participation to identify any potential market movements. With a solid analyst consensus and a positive outlook, Progress Software’s stock is likely to experience increased investor confidence and potentially drive up the stock price.
