Progress Software Co. (NASDAQ:PRGS) Given Average Rating of “Moderate Buy” by Analysts

Progress Software Co. (NASDAQ:PRGS) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $70.17.

A number of research firms have recently weighed in on PRGS. Oppenheimer upped their target price 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. 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. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Guggenheim upped their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, DA Davidson lifted 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.

Progress Software Price Performance

Shares of PRGS stock opened at $62.20 on Monday. The business’s fifty day moving average is $66.98 and its 200 day moving average is $62.01. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 33.26, a PEG ratio of 7.35 and a beta of 0.93. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56.

Insider Buying and Selling

In other 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 transaction 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. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was 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 owns 33,774 shares in the company, valued at $2,276,029.86. This represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. grew its holdings in shares of Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after acquiring an additional 523 shares during the period. GAMMA Investing LLC boosted its position in Progress Software by 55.4% in the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after purchasing an additional 619 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Progress Software by 4.4% during the 3rd 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 during the period. Virtu Financial LLC purchased a new stake in shares of Progress Software during the 3rd quarter valued at about $1,626,000. Finally, Hohimer Wealth Management LLC bought a new position in shares of Progress Software in the 3rd quarter worth approximately $225,000.

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.