Progress Software (NASDAQ:PRGS) Given Buy Rating at DA Davidson

DA Davidson reiterated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a report issued on Tuesday,Benzinga reports. DA Davidson currently has a $75.00 price objective on the software maker’s stock.

PRGS has been the topic of several other reports. Guggenheim restated a “buy” rating and set a $83.00 price objective on shares of Progress Software in a research note on Friday, January 17th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Oppenheimer raised 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. Jefferies Financial Group raised their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Finally, Citigroup lifted their target price on Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Stock Performance

NASDAQ PRGS opened at $58.19 on Tuesday. The company has a fifty day simple moving average of $66.44 and a 200 day simple moving average of $62.44. Progress Software has a 12-month low of $48.00 and a 12-month high of $70.56. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87. The company has a market cap of $2.50 billion, a P/E ratio of 31.19, a PEG ratio of 6.86 and a beta of 0.93.

Institutional Investors Weigh In On Progress Software

Institutional investors have recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board purchased a new stake in Progress Software during the second quarter valued at about $27,000. GAMMA Investing LLC increased its position in shares of Progress Software by 76.7% during the third quarter. GAMMA Investing LLC now owns 1,117 shares of the software maker’s stock valued at $75,000 after buying an additional 485 shares during the period. TD Private Client Wealth LLC increased its position in shares of Progress Software by 19.3% during the third 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 during the period. Prudent Man Advisors LLC bought a new stake in shares of Progress Software during the third quarter valued at about $201,000. Finally, Assetmark Inc. increased its position in shares of Progress Software by 10.2% during the third quarter. Assetmark Inc. now owns 3,097 shares of the software maker’s stock valued at $209,000 after buying an additional 286 shares during the period.

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.