Progress Software (NASDAQ:PRGS) Downgraded to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.

PRGS has been the subject of several other research reports. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Citigroup lifted their price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group lifted their price target on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Finally, DA Davidson reissued a “buy” rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Price Performance

Progress Software stock opened at $54.12 on Thursday. 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 business has a 50 day simple moving average of $65.96 and a 200-day simple moving average of $62.34. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56. The stock has a market capitalization of $2.32 billion, a PE ratio of 34.69, a price-to-earnings-growth ratio of 6.92 and a beta of 0.93.

Institutional Trading of Progress Software

Institutional investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software in the 2nd quarter worth about $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 during the last quarter. TD Private Client Wealth LLC grew its position in shares of 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 purchasing an additional 301 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Progress Software by 23.2% during the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares during the last quarter.

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.