Progress Software Co. (NASDAQ:PRGS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Progress Software Co. (NASDAQ:PRGS) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $72.43.

Several research firms recently issued reports on PRGS. Jefferies Financial Group increased 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. Citigroup increased their price target on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. DA Davidson reissued a “buy” rating and set a $75.00 price target on shares of Progress Software in a report on Tuesday, January 21st. Guggenheim reaffirmed a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, January 17th. Finally, StockNews.com cut shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 23rd.

Insider Buying and Selling

In related news, CAO Domenic Lococo sold 1,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.24, for a total transaction of $56,240.00. Following the transaction, the chief accounting officer now owns 4,303 shares in the company, valued at approximately $242,000.72. The trade was a 18.86 % 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 15,000 shares of Progress Software stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $56.30, for a total transaction of $844,500.00. Following the transaction, the chief financial officer now owns 44,564 shares in the company, valued at $2,508,953.20. The trade was a 25.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,482 shares of company stock worth $984,621. 3.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Progress Software

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Progress Software by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 5,855,525 shares of the software maker’s stock valued at $381,487,000 after acquiring an additional 45,246 shares in the last quarter. Pacer Advisors Inc. increased its stake in Progress Software by 45,918.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,143,110 shares of the software maker’s stock worth $74,474,000 after buying an additional 1,140,626 shares during the period. Principal Financial Group Inc. increased its stake 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 worth $70,418,000 after buying an additional 43,936 shares during the period. Geode Capital Management LLC increased its stake in Progress Software by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,013,411 shares of the software maker’s stock worth $66,039,000 after buying an additional 4,927 shares during the period. Finally, Invesco Ltd. increased its stake in Progress Software by 0.7% during the 4th quarter. Invesco Ltd. now owns 802,523 shares of the software maker’s stock worth $52,284,000 after buying an additional 5,474 shares during the period.

Progress Software Trading Down 1.1 %

NASDAQ PRGS opened at $54.04 on Tuesday. The stock has a market capitalization of $2.34 billion, a P/E ratio of 34.64, a P/E/G ratio of 2.82 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 firm has a 50-day moving average price of $59.65 and a 200 day moving average price of $62.47. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 3.48.

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.