Brokerages Set Progress Software Corporation (NASDAQ:PRGS) PT at $68.00

Progress Software Corporation (NASDAQ:PRGS) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $68.00.

Several research firms have weighed in on PRGS. Wall Street Zen upgraded Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings lowered shares of Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Citigroup upgraded shares of Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Monday, October 13th. Jefferies Financial Group decreased their target price on shares of Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Tuesday, September 30th. Finally, DA Davidson reiterated a “buy” rating and issued a $75.00 price target on shares of Progress Software in a research report on Tuesday, September 30th.

Insider Buying and Selling at Progress Software

In related news, CFO Anthony Folger sold 5,474 shares of Progress Software stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.47, for a total value of $254,376.78. Following the transaction, the chief financial officer directly owned 42,559 shares of the company’s stock, valued at $1,977,716.73. This trade represents a 11.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $46.26, for a total transaction of $66,059.28. Following the transaction, the insider owned 668 shares of the company’s stock, valued at approximately $30,901.68. This represents a 68.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,311 shares of company stock valued at $339,332 over the last ninety days. Insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the business. DLD Asset Management LP lifted its position in shares of Progress Software by 31.5% during the 2nd quarter. DLD Asset Management LP now owns 43,000,000 shares of the software maker’s stock worth $2,745,120,000 after buying an additional 10,300,000 shares during the last quarter. Boston Trust Walden Corp increased its holdings in Progress Software by 8.6% in the 3rd quarter. Boston Trust Walden Corp now owns 1,950,676 shares of the software maker’s stock worth $85,693,000 after purchasing an additional 153,957 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Progress Software by 26.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,178,716 shares of the software maker’s stock valued at $53,302,000 after purchasing an additional 243,950 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Progress Software by 0.5% during the second quarter. Geode Capital Management LLC now owns 1,067,462 shares of the software maker’s stock worth $68,155,000 after purchasing an additional 5,187 shares during the last quarter. Finally, Swedbank AB grew its holdings in shares of Progress Software by 3.0% during the third quarter. Swedbank AB now owns 744,226 shares of the software maker’s stock worth $32,694,000 after purchasing an additional 21,500 shares during the last quarter.

Progress Software Trading Up 1.5%

Shares of NASDAQ:PRGS opened at $43.09 on Friday. Progress Software has a 12-month low of $40.29 and a 12-month high of $70.56. The business has a 50 day moving average of $43.85 and a 200-day moving average of $51.11. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 2.22. The stock has a market cap of $1.85 billion, a PE ratio of 39.17, a P/E/G ratio of 1.95 and a beta of 0.67.

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.