Progress Software’s (PRGS) Buy Rating Reiterated at Guggenheim

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by equities researchers at Guggenheim in a note issued to investors on Friday,Benzinga reports. They presently have a $83.00 price target on the software maker’s stock. Guggenheim’s target price points to a potential upside of 29.12% from the stock’s previous close.

PRGS has been the subject of a number of other research reports. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. DA Davidson lifted their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. 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 report on Tuesday, October 22nd. Finally, Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. 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 company. According to data from MarketBeat.com, Progress Software currently has a consensus rating of “Buy” and a consensus price target of $72.33.

Progress Software Trading Up 1.5 %

NASDAQ PRGS opened at $64.28 on Friday. The firm has a market capitalization of $2.76 billion, a PE ratio of 34.35, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. The business’s 50-day moving average price is $66.74 and its two-hundred day moving average price is $62.15. 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 12 month low of $48.00 and a 12 month high of $70.56.

Insider Transactions at Progress Software

In other 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 $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.30% of the company’s stock.

Institutional Trading of Progress Software

Hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board bought a new position in shares of Progress Software in the second quarter valued at $27,000. GAMMA Investing LLC raised its holdings in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares during 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. Prudent Man Advisors LLC bought a new position in Progress Software in the 3rd quarter valued at about $201,000. Finally, Assetmark Inc. boosted its stake in Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after purchasing an additional 286 shares during the last quarter.

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.