Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00

Progress Software (NASDAQ:PRGS) had its target price raised by Jefferies Financial Group from $65.00 to $70.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

PRGS has been the topic of several other research reports. Guggenheim increased their target price on Progress Software from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. StockNews.com raised shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer raised their price target on shares of Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, DA Davidson increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $70.17.

Progress Software Stock Down 1.3 %

Shares of NASDAQ PRGS opened at $63.33 on Monday. Progress Software has a 52-week low of $48.00 and a 52-week high of $70.56. The business’s 50 day moving average is $67.04 and its two-hundred day moving average is $61.77. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 7.35 and a beta of 0.93. 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 stock in a transaction dated Wednesday, October 23rd. The stock was 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 represents a 35.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. The trade was a 18.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Leuthold Group LLC lifted its position in Progress Software by 958.1% in the third quarter. Leuthold Group LLC now owns 409,752 shares of the software maker’s stock valued at $27,605,000 after acquiring an additional 371,026 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Progress Software by 74.2% in the 3rd 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 boosted its position in shares of Progress Software by 530.5% in the 2nd 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 during the period. Citigroup Inc. increased its position in Progress Software by 42.8% during the third quarter. Citigroup Inc. now owns 492,384 shares of the software maker’s stock worth $33,172,000 after buying an additional 147,457 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in 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 buying an additional 99,479 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.