Jefferies Financial Group Forecasts Strong Price Appreciation for Progress Software (NASDAQ:PRGS) Stock

Progress Software (NASDAQ:PRGS) had its price target upped by analysts at Jefferies Financial Group from $65.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 9.12% from the stock’s current price.

PRGS has been the topic of a number of other research reports. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a report on Tuesday, September 10th. DA Davidson boosted their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Guggenheim lifted their price objective on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $70.17.

Progress Software Stock Down 1.3 %

Shares of PRGS stock opened at $64.15 on Monday. The stock has a market cap of $2.75 billion, a P/E ratio of 34.30, a price-to-earnings-growth ratio of 7.35 and a beta of 0.93. 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 has a fifty day moving average price of $67.07 and a 200 day moving average price of $61.76. Progress Software has a one year low of $48.00 and a one year high of $70.56.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares in the company, valued at approximately $2,276,029.86. This trade represents a 18.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Several hedge funds have recently added to or reduced their stakes in PRGS. GAMMA Investing LLC lifted its position in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after purchasing an additional 619 shares during the period. Principal Financial Group Inc. raised its stake in shares of Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after buying an additional 43,936 shares during the last quarter. Virtu Financial LLC acquired a new position in Progress Software in the third quarter valued at approximately $1,626,000. Hohimer Wealth Management LLC bought a new position in Progress Software in the third quarter valued at approximately $225,000. Finally, Rehmann Capital Advisory Group grew its holdings in Progress Software by 7.0% during the 3rd quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker’s stock worth $645,000 after acquiring an additional 619 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.