Progress Software’s (PRGS) Buy Rating Reiterated at DA Davidson

DA Davidson reiterated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a report issued on Tuesday morning,Benzinga reports. The firm currently has a $75.00 target price on the software maker’s stock.

A number of other equities analysts have also commented on PRGS. Oppenheimer boosted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, January 17th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Finally, Citigroup lifted their price target on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Stock Down 5.5 %

Shares of NASDAQ:PRGS opened at $54.12 on Tuesday. The company’s fifty day moving average is $65.96 and its 200-day moving average is $62.34. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The company has a market capitalization of $2.32 billion, a PE ratio of 34.69, a P/E/G ratio of 6.92 and a beta of 0.93.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after buying an additional 34,318 shares during the period. Pacer Advisors Inc. grew its stake in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after purchasing an additional 43,936 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Progress Software by 11.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after purchasing an additional 99,479 shares during the last quarter. Finally, Seizert Capital Partners LLC lifted its stake in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after buying an additional 20,355 shares during the period.

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.