Progress Software (NASDAQ:PRGS) Raised to Buy at Wall Street Zen

Progress Software (NASDAQ:PRGS) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Friday.

PRGS has been the subject of several other research reports. Wedbush reissued an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research report on Friday, June 27th. Weiss Ratings reissued a “hold (c-)” rating on shares of Progress Software in a research report on Saturday, September 27th. Citigroup cut their target price on shares of Progress Software from $64.00 to $57.00 and set a “neutral” rating for the company in a research report on Tuesday, July 15th. Jefferies Financial Group cut their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, September 30th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a research report on Friday, June 27th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.00.

Progress Software Price Performance

Shares of PRGS opened at $46.17 on Friday. The company has a market capitalization of $1.98 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 2.11 and a beta of 0.67. The company has a quick ratio of 0.43, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The firm has a 50 day moving average of $44.51 and a 200 day moving average of $53.33. Progress Software has a twelve month low of $40.29 and a twelve month high of $70.56.

Insider Buying and Selling at Progress Software

In other Progress Software news, Director Rainer Gawlick bought 1,710 shares of Progress Software stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $43.48 per share, for a total transaction of $74,350.80. Following the acquisition, the director directly owned 55,544 shares in the company, valued at approximately $2,415,053.12. This represents a 3.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director David Krall bought 5,125 shares of Progress Software stock in a transaction dated Wednesday, July 23rd. The stock was acquired at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the acquisition, the director owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 12,431 shares of company stock valued at $613,307. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Progress Software

A number of large investors have recently made changes to their positions in PRGS. Maseco LLP bought a new stake in shares of Progress Software in the 2nd quarter worth about $28,000. Quaker Wealth Management LLC lifted its position in shares of Progress Software by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the software maker’s stock worth $29,000 after purchasing an additional 900 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in shares of Progress Software in the 2nd quarter worth approximately $41,000. Advisors Asset Management Inc. lifted its position in shares of Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after purchasing an additional 604 shares during the period. Finally, Osaic Holdings Inc. lifted its position in shares of Progress Software by 183.0% in the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker’s stock worth $62,000 after purchasing an additional 637 shares during the period.

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.