Progress Software Co. (NASDAQ:PRGS) Receives $74.00 Average PT from Analysts

Progress Software Co. (NASDAQ:PRGS) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $74.00.

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

Insider Transactions at Progress Software

In other Progress Software news, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the sale, the insider now owns 7,613 shares of the company’s stock, valued at approximately $430,895.80. The trade was a 16.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the sale, the chief financial officer now owns 44,564 shares of the company’s stock, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $984,621 over the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Progress Software

A number of institutional investors have recently made changes to their positions in PRGS. Pacer Advisors Inc. boosted its holdings in Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after buying an additional 1,140,626 shares during the last quarter. Natixis boosted its position in shares of Progress Software by 287.1% during the fourth quarter. Natixis now owns 518,700 shares of the software maker’s stock worth $33,793,000 after purchasing an additional 384,700 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Progress Software in the 4th quarter valued at $15,432,000. Price T Rowe Associates Inc. MD raised its stake in Progress Software by 468.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 186,297 shares of the software maker’s stock worth $12,139,000 after buying an additional 153,517 shares during the period. Finally, Norges Bank bought a new position in Progress Software during the fourth quarter worth about $9,699,000.

Progress Software Stock Up 0.2 %

Shares of PRGS opened at $51.51 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48. The company has a 50-day moving average price of $55.83 and a two-hundred day moving average price of $62.08. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 33.02, a P/E/G ratio of 2.82 and a beta of 0.88. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

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.