Progress Software (NASDAQ:PRGS) Price Target Raised to $68.00 at Citigroup

Progress Software (NASDAQ:PRGS) had its target price boosted by stock analysts at Citigroup from $65.00 to $68.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target points to a potential upside of 8.04% from the company’s current price.

Several other equities analysts also recently commented on PRGS. Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Guggenheim reaffirmed a “buy” rating and set a $83.00 price target on shares of Progress Software in a research report on Friday. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average target price of $71.71.

Progress Software Stock Down 1.2 %

Shares of Progress Software stock opened at $62.94 on Friday. The company’s 50 day moving average price is $66.65 and its 200-day moving average price is $62.26. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 33.66, a P/E/G ratio of 6.64 and a beta of 0.93.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction 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 SEC, which is available through the SEC website. Insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds have recently bought and sold shares of the business. Assetmark Inc. lifted its position in Progress Software by 10.2% during the third 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 period. TD Private Client Wealth LLC grew its holdings in shares of Progress Software by 19.3% in the third 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 period. GAMMA Investing LLC increased its position in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after acquiring an additional 485 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Progress Software in the second quarter valued at about $27,000. Finally, Harbor Capital Advisors Inc. boosted its position in Progress Software by 6.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 8,594 shares of the software maker’s stock worth $560,000 after purchasing an additional 523 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.