Progress Software Co. (NASDAQ:PRGS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $71.71.

PRGS has been the topic of a number of research reports. DA Davidson boosted their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer lifted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a report on Friday. Finally, Jefferies Financial Group raised their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th.

Progress Software Stock Performance

Shares of PRGS opened at $62.94 on Monday. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The stock’s fifty day moving average price is $66.65 and its two-hundred day moving average price is $62.32. The firm has a market cap of $2.70 billion, a PE ratio of 33.66, a PEG ratio of 6.64 and a beta of 0.93.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the business’s 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 owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

Hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new position in Progress Software in the second quarter valued at $27,000. GAMMA Investing LLC boosted its holdings in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% during 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 last quarter. Quest Partners LLC purchased a new position in shares of Progress Software during the 2nd quarter valued at about $160,000. Finally, Prudent Man Advisors LLC bought a new stake in Progress Software in the 3rd quarter worth approximately $201,000.

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.