Progress Software (NASDAQ:PRGS) Cut to “Buy” at StockNews.com

StockNews.com cut shares of Progress Software (NASDAQ:PRGS) from a strong-buy rating to a buy rating in a report issued on Thursday.

PRGS has been the topic of a number of other research reports. DA Davidson reissued a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Citigroup upped their price target 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. Jefferies Financial Group lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Finally, Oppenheimer increased their target price on 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 and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Stock Performance

PRGS opened at $53.00 on Thursday. The company has a quick ratio of 1.23, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The firm has a market cap of $2.30 billion, a PE ratio of 33.97, a P/E/G ratio of 6.24 and a beta of 0.93. The business has a fifty day simple moving average of $65.69 and a 200-day simple moving average of $62.39. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new position in shares of Progress Software during the 2nd quarter valued at $27,000. GAMMA Investing LLC raised its holdings in Progress Software by 76.7% during 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 in the last quarter. TD Private Client Wealth LLC lifted its position in shares of 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 buying an additional 301 shares during the last quarter. Blue Trust Inc. boosted its stake 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 acquiring an additional 394 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after acquiring an additional 719 shares during 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.