Progress Software’s (PRGS) “Buy” Rating Reiterated at Guggenheim

Guggenheim reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research report report published on Friday,Benzinga reports. They currently have a $83.00 target price on the software maker’s stock.

A number of other research analysts have also commented on PRGS. DA Davidson raised their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.71.

Progress Software Stock Performance

PRGS opened at $62.94 on Friday. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market cap of $2.70 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. The business’s 50 day moving average is $66.65 and its 200-day moving average is $62.32. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. boosted its position in shares of Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares during the period. TD Private Client Wealth LLC increased its position 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 worth $126,000 after acquiring an additional 301 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Progress Software by 76.7% during 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. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the 2nd quarter valued at approximately $27,000. Finally, Harbor Capital Advisors Inc. boosted its stake in Progress Software by 6.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 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.