Progress Software Co. (NASDAQ:PRGS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $70.17.

Several research firms recently weighed in on PRGS. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Guggenheim lifted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Oppenheimer increased their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, DA Davidson lifted their price target on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $62.20 on Monday. The stock’s 50-day simple moving average is $66.98 and its two-hundred day simple moving average is $62.01. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The firm has a market capitalization of $2.67 billion, a P/E ratio of 33.26, 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.

Insider Activity

In other news, CFO Anthony Folger sold 7,797 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total transaction of $525,439.83. Following the completion of the transaction, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % 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 1,747 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was 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 directly owns 3,167 shares in the company, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors and hedge funds have recently bought and sold shares of the business. Harbor Capital Advisors Inc. raised its holdings in shares of Progress Software by 6.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock valued at $560,000 after acquiring an additional 523 shares in the last quarter. GAMMA Investing LLC increased its position in Progress Software by 55.4% during the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after purchasing an additional 619 shares during the period. Principal Financial Group Inc. increased its position in Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Virtu Financial LLC bought a new position in Progress Software in the 3rd quarter worth $1,626,000. Finally, Hohimer Wealth Management LLC purchased a new stake in shares of Progress Software in the 3rd quarter worth about $225,000.

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.