Citigroup Increases Progress Software (NASDAQ:PRGS) Price Target to $68.00

Progress Software (NASDAQ:PRGS) had its target price boosted by equities researchers at Citigroup from $65.00 to $68.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 8.04% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on PRGS. Guggenheim reissued a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday. Jefferies Financial Group increased their target price 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. Oppenheimer lifted their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Finally, DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.71.

Progress Software Price Performance

Shares of NASDAQ PRGS opened at $62.94 on Friday. The firm has a market cap of $2.70 billion, a P/E ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. The business’s 50 day moving average is $66.65 and its 200-day moving average is $62.26. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.30% of the stock is currently owned by insiders.

Institutional Trading of Progress Software

Several hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. increased its stake in shares of Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 shares in the last quarter. GAMMA Investing LLC grew its stake in Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after buying an additional 619 shares in the last quarter. Principal Financial Group Inc. raised its holdings 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 acquiring an additional 43,936 shares during the period. Virtu Financial LLC purchased a new stake in shares of Progress Software during the third quarter worth $1,626,000. Finally, Hohimer Wealth Management LLC bought a new position in shares of Progress Software in the third quarter worth $225,000.

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.