Progress Software’s (PRGS) “Buy” Rating Reiterated at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note issued to investors on Tuesday morning,Benzinga reports. DA Davidson currently has a $75.00 price target on the software maker’s stock.

A number of other equities research analysts have also commented on PRGS. Citigroup raised their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Price Performance

PRGS opened at $54.12 on Tuesday. The company has a fifty day simple moving average of $65.96 and a 200 day simple moving average of $62.34. 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 $2.32 billion, a P/E ratio of 34.69, a P/E/G ratio of 6.92 and a beta of 0.93. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRGS. Dimensional Fund Advisors LP increased its position in shares of Progress Software by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after acquiring an additional 34,318 shares during the last quarter. Pacer Advisors Inc. grew its stake in Progress Software by 45,918.9% in the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock valued at $74,474,000 after purchasing an additional 1,140,626 shares in the last quarter. Principal Financial Group Inc. increased its position 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 worth $70,418,000 after purchasing an additional 43,936 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after purchasing an additional 99,479 shares in the last quarter. Finally, Seizert Capital Partners LLC boosted its holdings in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock valued at $43,463,000 after buying an additional 20,355 shares during the last quarter.

Progress Software Company Profile

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.