Analysts Set Progress Software Co. (NASDAQ:PRGS) Price Target at $72.43

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $72.43.

PRGS has been the topic of a number of research analyst reports. Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd. Citigroup upped their price objective on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, January 21st.

Insider Activity

In related news, CFO Anthony Folger sold 15,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares in the company, valued at approximately $430,895.80. This trade represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock valued at $984,621. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PRGS. Smartleaf Asset Management LLC grew its stake in Progress Software by 893.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after purchasing an additional 688 shares in the last quarter. GAMMA Investing LLC grew its stake in Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares in the last quarter. TD Private Client Wealth LLC grew 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 worth $126,000 after purchasing an additional 301 shares in the last quarter. Blue Trust Inc. grew its stake in Progress Software by 23.2% in the fourth 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 grew its stake in Progress Software by 44.5% in the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after purchasing an additional 719 shares in the last quarter.

Progress Software Price Performance

NASDAQ:PRGS opened at $57.19 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a market capitalization of $2.48 billion, a P/E ratio of 36.66, a P/E/G ratio of 2.85 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 business’s 50-day moving average is $63.43 and its 200 day moving average is $62.52.

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.