Guggenheim Reiterates “Buy” Rating for Progress Software (NASDAQ:PRGS)

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

Several other research analysts have also recently issued reports on PRGS. Oppenheimer upped their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Finally, DA Davidson raised their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.71.

Progress Software Stock Performance

Shares of PRGS opened at $62.94 on Friday. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The stock has a market capitalization of $2.70 billion, a P/E ratio of 33.66, a P/E/G ratio of 6.64 and a beta of 0.93. The firm’s 50 day moving average is $66.65 and its 200-day moving average is $62.21. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Insider Buying and Selling at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on 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 $206,076.69. This represents a 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new stake in Progress Software during the second quarter valued at $27,000. GAMMA Investing LLC raised its stake in shares of Progress Software by 76.7% during the 3rd 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 raised its stake in shares of Progress Software by 19.3% during the 3rd 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. Prudent Man Advisors LLC acquired a new stake in shares of Progress Software during the 3rd quarter valued at about $201,000. Finally, Assetmark Inc. grew its stake in shares of 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 buying 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.