Brokerages Set Progress Software Co. (NASDAQ:PRGS) PT at $72.43

Shares of Progress Software Co. (NASDAQ:PRGS) have been given an average recommendation of “Moderate Buy” by the seven analysts that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $72.43.

Several analysts have recently weighed in on the stock. StockNews.com lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Guggenheim reiterated a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. DA Davidson reiterated a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, January 21st. Citigroup lifted their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Oppenheimer lifted 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.

Insider Activity at Progress Software

In other Progress Software news, CFO Anthony Folger sold 15,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 in the last ninety days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently modified their holdings of PRGS. Bessemer Group Inc. grew its position in shares of Progress Software by 149.5% during the 4th quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after buying an additional 296 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the period. GAMMA Investing LLC grew its position in shares of Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the period. TD Private Client Wealth LLC grew its position in shares of 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 worth $126,000 after buying an additional 301 shares during the period. Finally, Blue Trust Inc. grew its position 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 buying an additional 394 shares during the period.

Progress Software Price Performance

Shares of Progress Software stock opened at $57.91 on Friday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50-day simple moving average is $62.53 and its 200-day simple moving average is $62.45. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The firm has a market cap of $2.51 billion, a P/E ratio of 37.12, a price-to-earnings-growth ratio of 2.85 and a beta of 0.93.

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.