Analysts Set Progress Software Co. (NASDAQ:PRGS) Price Target at $72.43

Shares of Progress Software Co. (NASDAQ:PRGS) have been given an average recommendation of “Moderate Buy” by the seven brokerages that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $72.43.

Several research firms have recently commented on PRGS. Citigroup upped their price target on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. StockNews.com cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 23rd. DA Davidson restated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Finally, Guggenheim restated a “buy” rating and set a $83.00 price target on shares of Progress Software in a research note on Friday, January 17th.

Progress Software Price Performance

PRGS stock opened at $56.24 on Tuesday. The company has a market capitalization of $2.44 billion, a P/E ratio of 36.05, a PEG ratio of 2.82 and a beta of 0.88. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The business has a 50 day simple moving average of $58.66 and a 200-day simple moving average of $62.44. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48.

Insiders Place Their Bets

In other news, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. This trade represents a 25.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,482 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Bessemer Group Inc. boosted its stake in shares of Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after acquiring an additional 296 shares during the last quarter. Orion Capital Management LLC acquired a new stake in shares of Progress Software during the fourth quarter valued at $33,000. Smartleaf Asset Management LLC boosted its stake in shares of Progress Software by 893.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 765 shares of the software maker’s stock valued at $50,000 after acquiring an additional 688 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Progress Software by 55.4% during the fourth quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock valued at $113,000 after acquiring an additional 619 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of Progress Software by 19.3% during the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the last quarter.

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.