Progress Software Corporation (NASDAQ:PRGS) Receives Average Rating of “Moderate Buy” from Analysts

Progress Software Corporation (NASDAQ:PRGS) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $70.00.

Several research analysts have recently issued reports on PRGS shares. Guggenheim restated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. Jefferies Financial Group decreased their price target on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating for the company in a research note on Tuesday, September 30th. DA Davidson reiterated a “buy” rating and set a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Wall Street Zen upgraded shares of Progress Software from a “hold” rating to a “buy” rating in a research note on Friday, October 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $75.00 price target on shares of Progress Software in a research note on Friday, June 27th.

Progress Software Trading Up 0.6%

Shares of Progress Software stock opened at $45.16 on Wednesday. The company has a fifty day simple moving average of $44.42 and a 200-day simple moving average of $52.69. Progress Software has a 12-month low of $40.29 and a 12-month high of $70.56. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 41.05, a PEG ratio of 2.07 and a beta of 0.67.

Insider Buying and Selling at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the completion of the sale, the insider owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rainer Gawlick bought 1,710 shares of Progress Software stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average price of $43.48 per share, with a total value of $74,350.80. Following the purchase, the director directly owned 55,544 shares in the company, valued at approximately $2,415,053.12. This trade represents a 3.18% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 7,311 shares of company stock worth $339,332 in the last quarter. 3.60% of the stock is currently owned by company insiders.

Institutional Trading of Progress Software

Several hedge funds have recently made changes to their positions in the company. DLD Asset Management LP lifted its stake in shares of Progress Software by 31.5% in the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after acquiring an additional 10,300,000 shares during the period. Boston Trust Walden Corp lifted its stake in shares of Progress Software by 8.6% in the 3rd quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after acquiring an additional 153,957 shares during the period. Geode Capital Management LLC lifted its stake in shares of Progress Software by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock worth $68,155,000 after acquiring an additional 5,187 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Progress Software by 15.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 963,730 shares of the software maker’s stock worth $49,642,000 after acquiring an additional 125,345 shares during the period. Finally, Swedbank AB lifted its stake in shares of Progress Software by 3.0% in the 3rd quarter. Swedbank AB now owns 744,226 shares of the software maker’s stock worth $32,694,000 after acquiring an additional 21,500 shares during the period.

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.