Progress Software (NASDAQ:PRGS) Given New $70.00 Price Target at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price target lifted by Jefferies Financial Group from $65.00 to $70.00 in a report issued on Monday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Guggenheim upped their target price on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of Progress Software in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $70.17.

Progress Software Stock Down 0.4 %

PRGS stock opened at $65.01 on Monday. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 34.76, a PEG ratio of 7.35 and a beta of 0.93. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. 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 stock has a fifty day moving average of $67.09 and a 200-day moving average of $61.65.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Several institutional investors have recently modified their holdings of PRGS. Leuthold Group LLC boosted its holdings in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after purchasing an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after purchasing an additional 251,125 shares during the period. Marshall Wace LLP grew its position in shares of Progress Software by 530.5% during the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker’s stock worth $14,274,000 after buying an additional 221,336 shares in the last quarter. Citigroup Inc. increased its position in shares of Progress Software by 42.8% in the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock valued at $33,172,000 after purchasing an additional 147,457 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake 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 buying an additional 99,479 shares in the last quarter.

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.