Progress Software Co. (NASDAQ:PRGS) Receives Consensus Rating of “Moderate Buy” from Analysts

Progress Software Co. (NASDAQ:PRGS) has been given an average rating of “Moderate Buy” by the seven research firms that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $72.43.

A number of equities research analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th. StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. Citigroup lifted their price target on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. DA Davidson reaffirmed a “buy” rating and set a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Jefferies Financial Group lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th.

Progress Software Price Performance

NASDAQ:PRGS opened at $56.24 on Tuesday. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 36.05, a price-to-earnings-growth ratio of 2.82 and a beta of 0.88. The company has a 50 day moving average price of $58.66 and a 200-day moving average price of $62.44. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Insider Activity

In other Progress Software news, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the sale, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now owns 4,303 shares in the company, valued at $242,000.72. This trade represents a 18.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in shares of Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after buying an additional 1,140,626 shares during the period. Victory Capital Management Inc. increased its stake in shares of Progress Software by 62.1% during the third quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after buying an additional 42,773 shares during the period. Segall Bryant & Hamill LLC increased its stake in shares of Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after buying an additional 251,125 shares during the period. Seizert Capital Partners LLC boosted its holdings in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after purchasing an additional 20,355 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 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.