Progress Software Co. (NASDAQ:PRGS) Receives $70.17 Consensus Price Target from Analysts

Shares of Progress Software Co. (NASDAQ:PRGS) have been assigned an average rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $71.71.

Several research analysts have recently issued reports on PRGS shares. Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Citigroup upped their target price on Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday. DA Davidson upped their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday.

Progress Software Stock Performance

Progress Software stock opened at $62.94 on Monday. The business has a 50 day moving average of $66.65 and a 200-day moving average of $62.21. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56. 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 market capitalization of $2.70 billion, a P/E ratio of 33.66, a P/E/G ratio of 6.64 and a beta of 0.93.

Insiders Place Their Bets

In related news, insider Ian Pitt sold 1,747 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total value of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Large investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in shares of Progress Software by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 111,640 shares of the software maker’s stock worth $7,521,000 after purchasing an additional 42,773 shares in the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Progress Software by 74.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after purchasing an additional 251,125 shares in the last quarter. Seizert Capital Partners LLC lifted its holdings in shares of Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares in the last quarter. Lombard Odier Asset Management USA Corp purchased a new stake in Progress Software in the 2nd quarter valued at $494,000. Finally, Leuthold Group LLC raised its position in Progress Software by 958.1% in the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after buying an additional 371,026 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.