Progress Software Co. (NASDAQ:PRGS) Receives $70.17 Average Price Target from Brokerages

Progress Software Co. (NASDAQ:PRGS) has received a consensus rating of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $70.17.

PRGS has been the subject of a number of research reports. Guggenheim upped their target price on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer upped their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in PRGS. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the second quarter valued at $27,000. GAMMA Investing LLC raised its stake in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares during the period. TD Private Client Wealth LLC raised its stake in shares of Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the period. Quest Partners LLC purchased a new stake in shares of Progress Software in the second quarter valued at $160,000. Finally, Prudent Man Advisors LLC purchased a new stake in shares of Progress Software in the third quarter valued at $201,000.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $63.34 on Monday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a fifty day moving average price of $66.90 and a 200 day moving average price of $62.13. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 33.87, a P/E/G ratio of 7.35 and a beta of 0.93.

Progress Software Company Profile

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.