Progress Software Co. (NASDAQ:PRGS) Receives $72.43 Consensus Price Target from Analysts

Progress Software Co. (NASDAQ:PRGS) has received an average rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $72.43.

Several research firms recently weighed in on PRGS. Guggenheim reissued a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reissued a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup boosted their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $55.61 on Tuesday. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. The business has a 50-day moving average of $59.22 and a two-hundred day moving average of $62.41. The stock has a market capitalization of $2.41 billion, a P/E ratio of 35.65, a P/E/G ratio of 2.82 and a beta of 0.93. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81.

Insider Buying and Selling

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,482 shares of company stock worth $984,621 in the last three months. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Assetmark Inc. lifted its stake in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after purchasing an additional 204 shares during the period. Summit Investment Advisors Inc. lifted its stake in shares of Progress Software by 5.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock valued at $290,000 after purchasing an additional 239 shares during the period. First Trust Advisors LP lifted its stake in shares of Progress Software by 0.3% in the 4th quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock valued at $6,248,000 after purchasing an additional 281 shares during the period. Bessemer Group Inc. lifted its stake in shares of Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after purchasing an additional 301 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.