Progress Software Co. (NASDAQ:PRGS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have earned a consensus rating of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $72.43.

A number of brokerages have issued reports on PRGS. DA Davidson reiterated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research report on Tuesday, January 21st. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a report on Friday, January 17th. StockNews.com lowered Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Oppenheimer upped their price objective on 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 upped their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Progress Software Trading Down 0.7 %

Shares of PRGS stock opened at $57.22 on Friday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.81 and a current ratio of 0.81. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56. The stock has a fifty day moving average of $63.65 and a two-hundred day moving average of $62.42. The firm has a market capitalization of $2.48 billion, a PE ratio of 36.68, a price-to-earnings-growth ratio of 2.86 and a beta of 0.93.

Insider Transactions at Progress Software

In other news, CAO Domenic Lococo sold 1,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.24, for a total transaction of $56,240.00. Following the sale, the chief accounting officer now directly owns 4,303 shares of the company’s stock, valued at $242,000.72. The trade was a 18.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ian Pitt sold 1,482 shares of the company’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 transaction, the insider now directly owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last three months. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in 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 buying an additional 688 shares during the period. GAMMA Investing LLC raised 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 buying an additional 485 shares during the period. TD Private Client Wealth LLC raised its position in 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 buying an additional 301 shares during the period. Blue Trust Inc. raised its position in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock valued at $141,000 after buying an additional 394 shares during the period. Finally, KBC Group NV raised its position in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 shares during the period.

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.