Progress Software (NASDAQ:PRGS) Earns Buy Rating from Guggenheim

Guggenheim reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research report sent to investors on Friday morning,Benzinga reports. Guggenheim currently has a $83.00 price target on the software maker’s stock.

A number of other brokerages have also issued reports on PRGS. Jefferies Financial Group lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. DA Davidson raised their price target on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Oppenheimer raised 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. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $71.71.

Progress Software Trading Down 1.2 %

Shares of NASDAQ:PRGS opened at $62.94 on Friday. The firm has a fifty day moving average of $66.65 and a two-hundred day moving average of $62.32. The firm has a market capitalization of $2.70 billion, a P/E ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.

Insider Buying and Selling

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares in the company, valued at $206,076.69. This represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRGS. Canada Pension Plan Investment Board acquired a new stake in Progress Software in the 2nd quarter worth $27,000. GAMMA Investing LLC lifted its stake in shares of Progress Software by 76.7% in the third 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 during the period. TD Private Client Wealth LLC grew its position in Progress Software by 19.3% during the third 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 in the last quarter. Prudent Man Advisors LLC bought a new position in Progress Software during the third quarter valued at about $201,000. Finally, Assetmark Inc. raised its holdings in Progress Software by 10.2% in the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after acquiring an additional 286 shares in 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.