Progress Software Co. (NASDAQ:PRGS) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Progress Software Co. (NASDAQ:PRGS - Get Free Report) has received an average rating of "Moderate Buy" from the seven research firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $72.43.

PRGS has been the subject of a number of analyst reports. DA Davidson reiterated a "buy" rating and issued a $75.00 target price on shares of Progress Software in a research note on Tuesday, January 21st. Guggenheim reiterated a "buy" rating and issued a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Oppenheimer boosted their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 22nd. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Finally, Jefferies Financial Group boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, January 6th.

Insider Activity at Progress Software

In other news, CAO Domenic Lococo sold 1,000 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,303 shares of the company's stock, valued at approximately $242,000.72. This trade represents a 18.86 % 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, insider Ian Pitt sold 1,482 shares of Progress Software stock in a transaction that occurred 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 directly owns 7,613 shares in the company, valued at $430,895.80. The trade was a 16.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,482 shares of company stock worth $984,621 in the last ninety days. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Progress Software

Several large investors have recently modified their holdings of the stock. Assetmark Inc. grew its stake in shares of Progress Software by 6.6% in the 4th quarter. Assetmark Inc. now owns 3,301 shares of the software maker's stock valued at $215,000 after purchasing an additional 204 shares during the period. TD Private Client Wealth LLC grew its stake in shares of Progress Software by 19.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker's stock valued at $126,000 after purchasing an additional 301 shares during the period. Avantax Advisory Services Inc. grew its stake in shares of Progress Software by 5.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 6,211 shares of the software maker's stock valued at $405,000 after purchasing an additional 317 shares during the period. Blue Trust Inc. grew its stake in shares of Progress Software by 23.2% in the 4th quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after purchasing an additional 394 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Progress Software by 76.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker's stock valued at $75,000 after purchasing an additional 485 shares during the period.

Progress Software Stock Up 1.0 %

NASDAQ PRGS traded up $0.56 during trading on Friday, reaching $57.75. The company's stock had a trading volume of 344,887 shares, compared to its average volume of 796,940. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 3.48. The stock has a market capitalization of $2.50 billion, a PE ratio of 37.06, a PEG ratio of 2.85 and a beta of 0.93. The business has a 50-day moving average price of $63.43 and a 200-day moving average price of $62.52. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

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.