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

Shares of Progress Software Co. (NASDAQ:PRGS) have earned a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $71.71.

PRGS has been the topic of a number of analyst reports. DA Davidson upped their price target on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Jefferies Financial Group boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Citigroup increased their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday. Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th.

Progress Software Price Performance

Shares of NASDAQ:PRGS opened at $62.94 on Monday. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The firm has a market cap of $2.70 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. The firm’s fifty day moving average is $66.65 and its 200-day moving average is $62.32.

Insider Activity at Progress Software

In related news, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company’s stock, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRGS. Canada Pension Plan Investment Board acquired a new stake in shares of Progress Software in the 2nd quarter worth about $27,000. GAMMA Investing LLC raised its stake in shares of Progress Software by 76.7% in the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after purchasing an additional 485 shares during the last quarter. TD Private Client Wealth LLC lifted 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 valued at $126,000 after purchasing an additional 301 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Progress Software during the second quarter valued at approximately $160,000. Finally, Prudent Man Advisors LLC bought a new stake in Progress Software during the third quarter worth $201,000.

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.