Progress Software Co. (NASDAQ:PRGS) Given Consensus Rating of “Moderate Buy” by Brokerages

Progress Software Co. (NASDAQ:PRGS) has received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $72.43.

Several equities analysts recently commented on the company. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Oppenheimer boosted their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Guggenheim reissued a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday, January 17th. Citigroup boosted their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Finally, StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 23rd.

Insider Activity

In other news, CFO Anthony Folger sold 15,000 shares of the business’s 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 completion of the sale, the chief financial officer now directly owns 44,564 shares in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ian Pitt sold 1,482 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total value of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. This trade represents a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,482 shares of company stock worth $984,621. 3.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRGS. Smartleaf Asset Management LLC grew its stake in Progress Software by 893.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock worth $50,000 after buying an additional 688 shares during the last quarter. GAMMA Investing LLC grew its stake in 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 buying an additional 485 shares during the last quarter. TD Private Client Wealth LLC grew its stake in 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 buying an additional 301 shares during the last quarter. Blue Trust Inc. grew its stake in 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 buying an additional 394 shares during the last quarter. Finally, KBC Group NV grew its stake in Progress Software by 44.5% during the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock worth $152,000 after buying an additional 719 shares during the last quarter.

Progress Software Stock Performance

NASDAQ PRGS opened at $57.22 on Friday. The business’s 50-day simple moving average is $63.65 and its 200-day simple moving average is $62.42. The firm has a market capitalization of $2.48 billion, a P/E ratio of 36.68, a P/E/G ratio of 2.86 and a beta of 0.93. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.81 and a quick ratio of 0.81. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

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.