Progress Software's (PRGS) "Buy" Rating Reaffirmed at DA Davidson

DA Davidson reissued their buy rating on shares of Progress Software (NASDAQ:PRGS - Free Report) in a report issued on Tuesday,Benzinga reports. The firm currently has a $75.00 price target on the software maker's stock.

Several other equities research analysts have also recently issued reports on the stock. Citigroup boosted their price objective on shares of Progress Software from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, January 6th. Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. Finally, Oppenheimer upped their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. Two investment 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 company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $72.43.

Progress Software Trading Down 5.5 %

NASDAQ:PRGS traded down $3.14 during mid-day trading on Tuesday, hitting $54.12. 2,109,446 shares of the stock traded hands, compared to its average volume of 733,987. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 6.92 and a beta of 0.93. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a 52 week low of $48.00 and a 52 week high of $70.56. The firm's 50 day moving average is $66.22 and its two-hundred day moving average is $62.40.

Institutional Investors Weigh In On Progress Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EMC Capital Management lifted its position in Progress Software by 43.8% during the fourth quarter. EMC Capital Management now owns 3,822 shares of the software maker's stock valued at $249,000 after acquiring an additional 1,164 shares during the last quarter. Pacer Advisors Inc. lifted its position in Progress Software by 45,918.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker's stock valued at $74,474,000 after acquiring an additional 1,140,626 shares during the last quarter. KBC Group NV lifted its position in Progress Software by 44.5% during the fourth quarter. KBC Group NV now owns 2,335 shares of the software maker's stock valued at $152,000 after acquiring an additional 719 shares during the last quarter. Blue Trust Inc. lifted its position in Progress Software by 23.2% during the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker's stock valued at $141,000 after acquiring an additional 394 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in Progress Software by 4.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 30,820 shares of the software maker's stock valued at $2,008,000 after acquiring an additional 1,261 shares during the last quarter.

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.