Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00 at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price target boosted 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 analysts have also commented on the company. Guggenheim boosted their price target on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $68.00 price target on shares of Progress Software in a research note on Tuesday, September 10th. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One research analyst has 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.com, the stock presently has an average rating of “Buy” and an average price target of $70.17.

Progress Software Stock Down 0.4 %

Shares of NASDAQ:PRGS opened at $65.01 on Monday. The company has a market capitalization of $2.79 billion, a P/E ratio of 34.76, a P/E/G ratio of 7.35 and a beta of 0.93. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock’s fifty day simple moving average is $67.09 and its 200-day simple moving average is $61.65. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56.

Insider Buying and Selling at Progress Software

In other Progress Software news, CFO Anthony Folger sold 7,797 shares of Progress Software stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after buying an additional 619 shares in the last quarter. Principal Financial Group Inc. boosted its position in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares during the last quarter. Virtu Financial LLC acquired a new stake in Progress Software during the third quarter worth approximately $1,626,000. Hohimer Wealth Management LLC acquired a new stake in shares of Progress Software during the 3rd quarter worth approximately $225,000. Finally, Rehmann Capital Advisory Group increased its stake in Progress Software by 7.0% in the third quarter. Rehmann Capital Advisory Group now owns 9,476 shares of the software maker’s stock valued at $645,000 after purchasing an additional 619 shares in 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.