Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00

Progress Software (NASDAQ:PRGS) had its target price hoisted by Jefferies Financial Group from $65.00 to $70.00 in a report issued on Monday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on the company. Guggenheim increased their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Wedbush restated an “outperform” rating and issued a $68.00 target price on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer boosted their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $70.17.

Progress Software Stock Down 1.3 %

Progress Software stock opened at $63.33 on Monday. The stock has a 50 day moving average of $67.04 and a two-hundred day moving average of $61.77. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 7.35 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Insiders Place Their Bets

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction on 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 approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of the firm’s 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 completion of the transaction, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Progress Software

Large investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the second quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in 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 grew its holdings in 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 buying an additional 301 shares during the last quarter. Quest Partners LLC purchased a new position in Progress Software during the second quarter worth $160,000. Finally, Prudent Man Advisors LLC acquired a new position in shares of Progress Software in the third quarter worth $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.