Brokerages Set Progress Software Co. (NASDAQ:PRGS) Target Price at $74.00

Progress Software Co. (NASDAQ:PRGS) has earned an average rating of “Moderate Buy” from the six research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $74.00.

PRGS has been the subject of several recent research reports. Citigroup upped their price objective on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. StockNews.com downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $51.51 on Friday. The company has a fifty day moving average price of $55.83 and a 200 day moving average price of $62.08. The firm has a market cap of $2.22 billion, a PE ratio of 33.02, a PEG ratio of 2.82 and a beta of 0.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Insider Buying and Selling at Progress Software

In other news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 in the last quarter. 3.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progress Software

Several institutional investors and hedge funds have recently modified their holdings of PRGS. Bessemer Group Inc. boosted its holdings in Progress Software by 149.5% in the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after purchasing an additional 296 shares during the period. Orion Capital Management LLC acquired a new stake in Progress Software during the fourth quarter worth approximately $33,000. Smartleaf Asset Management LLC increased its stake in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC raised its holdings in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted 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 acquiring an additional 301 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.