Progress Software (NASDAQ:PRGS) Earns “Buy” Rating from Guggenheim

Progress Software (NASDAQ:PRGS)‘s stock had its “buy” rating reaffirmed by analysts at Guggenheim in a report issued on Friday,Benzinga reports. They presently have a $83.00 price target on the software maker’s stock. Guggenheim’s price target would suggest a potential upside of 31.87% from the company’s previous close.

Several other equities research analysts have also commented on PRGS. Jefferies Financial Group lifted their price target on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. DA Davidson boosted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer boosted their price objective on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $71.71.

Progress Software Stock Down 1.2 %

PRGS stock opened at $62.94 on Friday. The stock 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 current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The company’s 50 day moving average is $66.65 and its two-hundred day moving average is $62.26.

Insiders Place Their Bets

In other Progress Software news, insider Ian Pitt sold 1,747 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in Progress Software during the 2nd quarter worth approximately $27,000. GAMMA Investing LLC grew its holdings in Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock worth $75,000 after acquiring an additional 485 shares during the period. TD Private Client Wealth LLC lifted its holdings in Progress Software by 19.3% in the third quarter. TD Private Client Wealth LLC now owns 1,863 shares of the software maker’s stock valued at $126,000 after acquiring an additional 301 shares during the period. Prudent Man Advisors LLC purchased a new stake in shares of Progress Software during the 3rd quarter worth $201,000. Finally, Assetmark Inc. grew its stake in shares of Progress Software by 10.2% during the 3rd quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock worth $209,000 after purchasing an additional 286 shares during the period.

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.