Progress Software (NASDAQ:PRGS) Price Target Raised to $68.00

Progress Software (NASDAQ:PRGS) had its target price upped by Citigroup from $65.00 to $68.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group boosted their price objective on Progress Software from $65.00 to $70.00 and gave the company 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 note on Friday. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progress Software has an average rating of “Moderate Buy” and an average price target of $71.71.

Progress Software Stock Down 1.2 %

Shares of NASDAQ PRGS opened at $62.94 on Friday. Progress Software has a 1 year low of $48.00 and a 1 year high of $70.56. The firm has a 50-day simple moving average of $66.65 and a two-hundred day simple moving average of $62.21. The company has a market cap of $2.70 billion, a P/E ratio of 33.66, a PEG ratio of 6.64 and a beta of 0.93. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.23 and a quick ratio of 1.23.

Insider Transactions at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of Progress Software 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 of the company’s stock, valued at $206,076.69. The trade was a 35.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors have recently bought and sold shares of PRGS. Canada Pension Plan Investment Board acquired a new position in shares of Progress Software during the second quarter worth $27,000. GAMMA Investing LLC grew its stake in Progress Software by 76.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after buying an additional 485 shares during the last quarter. TD Private Client Wealth LLC increased its position in Progress Software by 19.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after buying an additional 301 shares in the last quarter. Prudent Man Advisors LLC purchased a new stake in Progress Software in the third quarter valued at about $201,000. Finally, Assetmark Inc. boosted its holdings in Progress Software by 10.2% in the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after acquiring an additional 286 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.