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

Progress Software Co. (NASDAQ:PRGSGet Free Report) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $71.71.

A number of equities analysts have commented on the stock. Guggenheim reaffirmed a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research report on Friday. DA Davidson lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Citigroup boosted their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday. Oppenheimer boosted their target price 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. Finally, StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th.

Get Our Latest Research Report on Progress Software

Progress Software Trading Down 1.2 %

PRGS stock opened at $62.94 on Monday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23. The company has a fifty day moving average price of $66.65 and a two-hundred day moving average price of $62.21. Progress Software has a one year low of $48.00 and a one year high of $70.56. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the business’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 transaction, the insider now owns 3,167 shares of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in Progress Software by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after acquiring an additional 34,318 shares in the last quarter. Principal Financial Group Inc. raised its stake in Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock worth $70,418,000 after acquiring an additional 43,936 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock worth $64,985,000 after acquiring an additional 99,479 shares in the last quarter. Seizert Capital Partners LLC raised its stake in Progress Software by 3.3% during the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 shares in the last quarter.

About Progress Software

(Get Free Report

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.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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