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

Progress Software Co. (NASDAQ:PRGS) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $74.00.

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd. Guggenheim reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. Citigroup boosted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. DA Davidson restated a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, January 21st. Finally, Jefferies Financial Group upped their price objective 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.

Progress Software Stock Performance

NASDAQ PRGS opened at $51.39 on Friday. The firm’s 50 day simple moving average is $56.06 and its 200 day simple moving average is $62.06. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 32.94, a P/E/G ratio of 2.82 and a beta of 0.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56.

Insider Activity

In related news, insider Ian Pitt sold 1,482 shares of the business’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 sale, the insider now owns 7,613 shares of the company’s stock, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 15,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the transaction, the chief financial officer now directly owns 44,564 shares of the company’s stock, valued at approximately $2,508,953.20. This represents a 25.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,482 shares of company stock valued at $984,621 over the last quarter. 3.40% of the stock is owned by company insiders.

Institutional Trading of Progress Software

Institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its position in shares of Progress Software by 45,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after purchasing an additional 1,140,626 shares during the period. Principal Financial Group Inc. lifted its holdings in Progress Software by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after buying an additional 43,936 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Progress Software by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 478,945 shares of the software maker’s stock valued at $32,267,000 after acquiring an additional 17,448 shares during the last quarter. Cerity Partners LLC acquired a new stake in Progress Software during the 3rd quarter worth about $575,000. Finally, GAMMA Investing LLC raised its position in shares of Progress Software by 55.4% in the 4th quarter. GAMMA Investing LLC now owns 1,736 shares of the software maker’s stock worth $113,000 after acquiring an additional 619 shares in the last quarter.

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.