Citigroup Boosts Progress Software (NASDAQ:PRGS) Price Target to $68.00

Progress Software (NASDAQ:PRGS - Free Report) had its price objective upped by Citigroup from $65.00 to $68.00 in a research report released on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the software maker's stock.

Several other brokerages also recently weighed in on PRGS. Guggenheim reiterated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday. Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Monday, January 6th. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. StockNews.com upgraded Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. Finally, DA Davidson increased their price target on Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $71.71.

Progress Software Trading Down 1.2 %

Shares of NASDAQ:PRGS traded down $0.78 during trading on Friday, hitting $62.94. The company had a trading volume of 473,647 shares, compared to its average volume of 454,231. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 33.66, a price-to-earnings-growth ratio of 6.64 and a beta of 0.93. Progress Software has a one year low of $48.00 and a one year high of $70.56. The company has a fifty day simple moving average of $66.65 and a two-hundred day simple moving average of $62.26. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $65.07, for a total transaction of $113,677.29. Following the transaction, the insider now directly owns 3,167 shares in the company, valued at $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 is available through the SEC website. 3.30% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Canada Pension Plan Investment Board bought a new stake in Progress Software during the 2nd quarter valued at $27,000. GAMMA Investing LLC lifted its position in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock worth $75,000 after acquiring an additional 485 shares during the period. TD Private Client Wealth LLC lifted its position in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock worth $126,000 after acquiring an additional 301 shares during the period. Prudent Man Advisors LLC acquired a new stake in Progress Software during the 3rd quarter worth about $201,000. Finally, Assetmark Inc. lifted its position in Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock worth $209,000 after acquiring an additional 286 shares during the period.

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.