Progress Software (NASDAQ:PRGS) Given New $70.00 Price Target at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its price target raised by stock analysts at Jefferies Financial Group from $65.00 to $70.00 in a report issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price indicates a potential upside of 7.68% from the company’s current price.

Other analysts have also recently issued research reports about the company. DA Davidson raised their target price on Progress Software from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Oppenheimer increased 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. Guggenheim boosted their price objective on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. Finally, StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $70.17.

Progress Software Trading Down 0.4 %

Shares of NASDAQ:PRGS traded down $0.25 during mid-day trading on Monday, hitting $65.01. The stock had a trading volume of 134,337 shares, compared to its average volume of 215,290. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market cap of $2.79 billion, a PE ratio of 34.76, a P/E/G ratio of 7.35 and a beta of 0.93. The company’s 50 day moving average is $67.08 and its 200-day moving average is $61.53.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 7,797 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the sale, the chief financial officer now directly owns 33,774 shares in the company, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This trade represents a 35.55 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in Progress Software by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after purchasing an additional 34,318 shares during the period. Principal Financial Group Inc. boosted its position in shares of Progress Software by 4.4% in the third 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 boosted its position in shares of Progress Software by 11.5% in 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 during the period. Seizert Capital Partners LLC grew its stake in shares of Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares during the last quarter. Finally, Segall Bryant & Hamill LLC increased its position in Progress Software by 74.2% during the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock worth $39,728,000 after acquiring an additional 251,125 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.