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

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by equities researchers at DA Davidson in a note issued to investors on Tuesday,Benzinga reports. They currently have a $75.00 price objective on the software maker’s stock. DA Davidson’s price objective would indicate a potential upside of 25.00% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. StockNews.com raised Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Citigroup increased their target price on shares of Progress Software from $65.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Jefferies Financial Group boosted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Guggenheim reissued a “buy” rating and set a $83.00 target price on shares of Progress Software in a research report on Friday, January 17th. Finally, Oppenheimer upped their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a 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 given a strong buy rating to the company. According to data from MarketBeat, Progress Software has a consensus rating of “Moderate Buy” and a consensus target price of $72.43.

Progress Software Price Performance

PRGS stock opened at $60.00 on Tuesday. The company has a market capitalization of $2.57 billion, a P/E ratio of 31.04, a price-to-earnings-growth ratio of 6.86 and a beta of 0.93. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The business has a 50-day simple moving average of $66.44 and a two-hundred day simple moving average of $62.44. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23.

Hedge Funds Weigh In On Progress Software

A number of institutional investors have recently added to or reduced their stakes in PRGS. Dimensional Fund Advisors LP increased its holdings in shares of Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock worth $76,465,000 after buying an additional 34,318 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Progress Software by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after acquiring an additional 43,936 shares during the period. Allspring Global Investments Holdings LLC grew its position 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 acquiring an additional 99,479 shares during the last quarter. Seizert Capital Partners LLC increased its stake in Progress Software by 3.3% in the 3rd quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after purchasing an additional 20,355 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its position in Progress Software by 74.2% in 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.

About Progress Software

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.