Progress Software (NASDAQ:PRGS) Earns "Buy" Rating from Guggenheim

Guggenheim reaffirmed their buy rating on shares of Progress Software (NASDAQ:PRGS - Free Report) in a report released on Friday,Benzinga reports. They currently have a $83.00 price objective on the software maker's stock.

Other equities research analysts have also issued reports about the stock. StockNews.com raised shares of Progress Software from a "buy" rating to a "strong-buy" rating in a report on Wednesday, October 30th. DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Oppenheimer raised their target price on Progress Software from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group increased their price target on Progress Software from $65.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, January 6th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Progress Software has a consensus rating of "Moderate Buy" and a consensus price target of $71.71.

Progress Software Trading Down 1.2 %

Shares of PRGS stock traded down $0.78 during mid-day trading on Friday, reaching $62.94. 473,647 shares of the stock traded hands, compared to its average volume of 454,231. The company 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. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The stock's fifty day simple moving average is $66.65 and its two-hundred day simple moving average is $62.21. Progress Software has a 1-year low of $48.00 and a 1-year high of $70.56.

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of the firm's stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of the sale, the insider now owns 3,167 shares of the company's stock, valued at $206,076.69. This trade represents a 35.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 3.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Leuthold Group LLC boosted its position in shares of Progress Software by 958.1% during the 3rd quarter. Leuthold Group LLC now owns 409,752 shares of the software maker's stock worth $27,605,000 after purchasing an additional 371,026 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in Progress Software by 74.2% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock worth $39,728,000 after buying an additional 251,125 shares during the period. Marshall Wace LLP boosted its holdings in Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker's stock worth $14,274,000 after acquiring an additional 221,336 shares in the last quarter. Citigroup Inc. grew its stake in Progress Software by 42.8% in the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker's stock valued at $33,172,000 after acquiring an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Progress Software by 11.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker's stock valued at $64,985,000 after acquiring an additional 99,479 shares in 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.