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Analysts Set Progress Software Co. (NASDAQ:PRGS) Price Target at $70.17

Progress Software logo with Computer and Technology background

Progress Software Co. (NASDAQ:PRGS - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six brokerages that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $70.17.

PRGS has been the topic of a number of recent analyst reports. Guggenheim upped their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Jefferies Financial Group upped their price target on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. DA Davidson lifted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Finally, Oppenheimer raised their target price on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd.

Get Our Latest Report on Progress Software

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the company's stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now owns 33,774 shares of the company's stock, valued at $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction dated Wednesday, October 23rd. The shares were 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 approximately $206,076.69. The trade was a 35.55 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its holdings in shares of Progress Software by 236.1% in the second quarter. Victory Capital Management Inc. now owns 68,867 shares of the software maker's stock valued at $3,737,000 after buying an additional 48,375 shares during the period. Quest Partners LLC bought a new stake in Progress Software in the second quarter worth about $160,000. BOKF NA lifted its holdings in Progress Software by 146.1% in the 2nd quarter. BOKF NA now owns 14,318 shares of the software maker's stock valued at $777,000 after acquiring an additional 8,500 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Progress Software by 1,160.9% during the 2nd quarter. Federated Hermes Inc. now owns 7,578 shares of the software maker's stock valued at $411,000 after purchasing an additional 6,977 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of Progress Software by 2.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 94,066 shares of the software maker's stock worth $5,104,000 after purchasing an additional 2,118 shares during the last quarter.

Progress Software Stock Up 0.1 %

Shares of PRGS stock traded up $0.08 during mid-day trading on Monday, reaching $62.28. 121,802 shares of the company were exchanged, compared to its average volume of 357,918. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The business's 50 day simple moving average is $66.98 and its 200 day simple moving average is $62.01. The company has a market capitalization of $2.67 billion, a P/E ratio of 33.30, a P/E/G ratio of 7.35 and a beta of 0.93. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56.

Progress Software Company Profile

(Get Free Report

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.

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Analyst Recommendations for Progress Software (NASDAQ:PRGS)

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