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

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

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

Progress Software Stock Down 1.3 %

Progress Software stock opened at $64.15 on Monday. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 34.30, a PEG ratio of 7.35 and a beta of 0.93. The company’s 50 day simple moving average is $67.07 and its 200 day simple moving average is $61.76. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on 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. The trade was a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software during the 2nd quarter worth approximately $27,000. GAMMA Investing LLC raised its position in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Progress Software by 19.3% in the third 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 last quarter. Quest Partners LLC bought a new position in shares of Progress Software in the 2nd quarter valued at about $160,000. Finally, Prudent Man Advisors LLC acquired a new position in shares of Progress Software during the 3rd quarter worth about $201,000.

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.