Progress Software Co. (NASDAQ:PRGS - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $61.36 and traded as high as $65.30. Progress Software shares last traded at $65.26, with a volume of 307,661 shares.
Analyst Ratings Changes
A number of research analysts recently weighed in on the company. Guggenheim raised their price objective on Progress Software from $64.00 to $70.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. Oppenheimer upped their price objective 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. Wedbush reissued an "outperform" rating and set a $68.00 target price on shares of Progress Software in a research report on Tuesday, September 10th. StockNews.com raised Progress Software from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Finally, DA Davidson raised their target price on Progress Software from $65.00 to $70.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Progress Software presently has a consensus rating of "Buy" and a consensus price target of $67.67.
Read Our Latest Report on PRGS
Progress Software Trading Up 0.8 %
The firm has a market capitalization of $2.80 billion, a P/E ratio of 34.90, a PEG ratio of 7.35 and a beta of 0.93. The business has a 50-day moving average price of $67.08 and a 200-day moving average price of $61.44. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87.
Insider Activity
In other news, insider Ian Pitt sold 1,747 shares of the business's stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total value of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anthony Folger sold 7,797 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total transaction of $525,439.83. Following the sale, the chief financial officer now owns 33,774 shares of the company's stock, valued at $2,276,029.86. This trade represents a 18.76 % decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.
Institutional Trading of Progress Software
Hedge funds have recently modified their holdings of the company. Leuthold Group LLC grew its holdings in 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 acquiring an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in shares of Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker's stock valued at $39,728,000 after purchasing an additional 251,125 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Progress Software by 530.5% in the second quarter. Marshall Wace LLP now owns 263,062 shares of the software maker's stock valued at $14,274,000 after purchasing an additional 221,336 shares in the last quarter. Citigroup Inc. raised its position in Progress Software by 42.8% in the 3rd quarter. Citigroup Inc. now owns 492,384 shares of the software maker's stock worth $33,172,000 after purchasing an additional 147,457 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Progress Software by 11.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker's stock worth $64,985,000 after buying an additional 99,479 shares in the last quarter.
About Progress Software
(
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.
Read More
Before you consider Progress Software, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Progress Software wasn't on the list.
While Progress Software currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
