Progress Software (NASDAQ:PRGS) Price Target Raised to $68.00

Progress Software (NASDAQ:PRGS) had its price objective lifted by Citigroup from $65.00 to $68.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

PRGS has been the subject of a number of other reports. Oppenheimer upped their price objective 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. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday. Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, DA Davidson increased their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.71.

Progress Software Stock Performance

Shares of PRGS opened at $62.94 on Friday. The stock has a 50-day moving average of $66.65 and a 200-day moving average of $62.32. The company has a market cap of $2.70 billion, a PE ratio of 33.66, a P/E/G ratio of 6.64 and a beta of 0.93. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software has a one year low of $48.00 and a one year high of $70.56.

Insider Transactions at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.40% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

Large investors have recently made changes to their positions in the business. Leuthold Group LLC lifted its position in shares of Progress Software by 958.1% during the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock worth $27,605,000 after purchasing an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC raised its position in Progress Software by 74.2% during the 3rd 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 in the last quarter. Marshall Wace LLP lifted its holdings in shares of Progress Software by 530.5% in the 2nd 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 during the period. Citigroup Inc. grew its position in shares of Progress Software by 42.8% during the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after buying an additional 147,457 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Progress Software by 11.5% during the 3rd 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 period.

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.