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

Shares of Progress Software Co. (NASDAQ:PRGS - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $72.43.

Several brokerages recently issued reports on PRGS. Citigroup lifted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Jefferies Financial Group upped their price objective on Progress Software from $65.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, January 6th. StockNews.com lowered Progress Software from a "strong-buy" rating to a "buy" rating in a research note on Thursday, January 23rd. DA Davidson reiterated a "buy" rating and issued a $75.00 target price on shares of Progress Software in a report on Tuesday, January 21st. Finally, Guggenheim restated a "buy" rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, January 17th.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,482 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $56.60, for a total transaction of $83,881.20. Following the completion of the transaction, the insider now directly owns 7,613 shares of the company's stock, valued at approximately $430,895.80. This represents a 16.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 15,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,482 shares of company stock valued at $984,621 over the last 90 days. 3.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRGS. Creative Planning grew its holdings in Progress Software by 20.1% during the 3rd quarter. Creative Planning now owns 7,774 shares of the software maker's stock valued at $524,000 after buying an additional 1,300 shares during the last quarter. Asset Management One Co. Ltd. increased its position in shares of Progress Software by 2.8% in the third quarter. Asset Management One Co. Ltd. now owns 21,359 shares of the software maker's stock worth $1,439,000 after acquiring an additional 583 shares in the last quarter. QRG Capital Management Inc. raised its position in Progress Software by 22.7% in the third quarter. QRG Capital Management Inc. now owns 10,797 shares of the software maker's stock valued at $727,000 after purchasing an additional 1,996 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% during the 3rd 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. Finally, Assetmark Inc. lifted its position in shares of Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker's stock worth $209,000 after purchasing an additional 286 shares in the last quarter.

Progress Software Trading Up 1.7 %

Shares of PRGS stock traded up $0.94 on Tuesday, reaching $54.98. 450,164 shares of the company's stock were exchanged, compared to its average volume of 750,706. The stock has a market capitalization of $2.38 billion, a PE ratio of 35.24, a P/E/G ratio of 2.82 and a beta of 0.93. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. 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 company's fifty day simple moving average is $59.42 and its 200 day simple moving average is $62.46.

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.