Progress Software Co. (NASDAQ:PRGS) Receives $70.17 Consensus Price Target from Brokerages

Progress Software Co. (NASDAQ:PRGS) has received an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $70.17.

Several research analysts recently commented on the stock. Guggenheim raised their price target on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Jefferies Financial Group raised their price target 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. Oppenheimer raised their target price on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now directly owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors have recently modified their holdings of PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the 2nd quarter valued at about $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 valued at $75,000 after buying an additional 485 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Progress Software in the 2nd quarter valued at about $160,000. Finally, Prudent Man Advisors LLC bought a new stake in shares of Progress Software in the 3rd quarter valued at about $201,000.

Progress Software Trading Up 1.4 %

PRGS stock opened at $63.34 on Monday. The company has a market capitalization of $2.72 billion, a PE ratio of 33.87, a P/E/G ratio of 7.35 and a beta of 0.93. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56. The firm’s 50-day moving average is $66.90 and its 200 day moving average is $62.13. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

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.