Progress Software Corporation (NASDAQ:PRGS) Receives Average Rating of “Moderate Buy” from Brokerages

Progress Software Corporation (NASDAQ:PRGS) has received an average recommendation of “Moderate Buy” from the six analysts that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $68.00.

Several equities analysts have issued reports on PRGS shares. Citigroup raised shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Monday, October 13th. Weiss Ratings downgraded Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. DA Davidson reaffirmed a “buy” rating and set a $75.00 target price on shares of Progress Software in a research report on Tuesday, September 30th. Wall Street Zen raised Progress Software from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Finally, Jefferies Financial Group dropped their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, September 30th.

Progress Software Stock Up 0.8%

Shares of Progress Software stock opened at $42.29 on Friday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The company has a market cap of $1.81 billion, a P/E ratio of 38.45, a PEG ratio of 1.95 and a beta of 0.67. The firm’s 50 day moving average price is $43.96 and its 200-day moving average price is $51.39. Progress Software has a 52-week low of $40.29 and a 52-week high of $70.56.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 5,474 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $46.47, for a total value of $254,376.78. Following the completion of the transaction, the chief financial officer owned 42,559 shares in the company, valued at $1,977,716.73. This trade represents a 11.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rainer Gawlick purchased 1,710 shares of the stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $43.48 per share, with a total value of $74,350.80. Following the transaction, the director owned 55,544 shares in the company, valued at $2,415,053.12. This trade represents a 3.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 7,311 shares of company stock worth $339,332. 3.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. DLD Asset Management LP increased its holdings in Progress Software by 31.5% in the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after buying an additional 10,300,000 shares during the period. Swedbank AB boosted its holdings in shares of Progress Software by 65.8% in the 1st quarter. Swedbank AB now owns 728,748 shares of the software maker’s stock valued at $37,538,000 after acquiring an additional 289,122 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Progress Software by 145.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 464,598 shares of the software maker’s stock worth $20,410,000 after acquiring an additional 275,205 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock worth $53,302,000 after acquiring an additional 243,950 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Progress Software by 75.6% during the first quarter. Goldman Sachs Group Inc. now owns 560,943 shares of the software maker’s stock worth $28,894,000 after purchasing an additional 241,515 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.