Progress Software (NASDAQ:PRGS) Share Price Passes Above Two Hundred Day Moving Average – Should You Sell?

Progress Software Co. (NASDAQ:PRGS) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $61.36 and traded as high as $65.30. Progress Software shares last traded at $65.26, with a volume of 307,661 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRGS. Oppenheimer boosted their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Guggenheim increased their price target on Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, DA Davidson raised their price objective on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $67.67.

Progress Software Stock Performance

The stock has a market capitalization of $2.80 billion, a P/E ratio of 34.90, a price-to-earnings-growth ratio of 7.35 and a beta of 0.93. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a 50-day moving average price of $67.08 and a two-hundred day moving average price of $61.44.

Insider Buying and Selling at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,797 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares of the company’s stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

A number of large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Progress Software during the 2nd quarter valued at $27,000. GAMMA Investing LLC increased its position in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock worth $126,000 after acquiring an additional 301 shares during the last quarter. Quest Partners LLC bought a new position in Progress Software in the 2nd quarter valued at about $160,000. Finally, Prudent Man Advisors LLC acquired a new position in Progress Software during the 3rd quarter valued at about $201,000.

About Progress Software

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.