Progress Software (NASDAQ:PRGS) Receives Buy Rating from DA Davidson

DA Davidson reissued their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research note released on Tuesday morning,Benzinga reports. The firm currently has a $75.00 target price on the software maker’s stock.

Other research analysts have also recently issued reports about the stock. Citigroup upped their price objective on shares of Progress Software from $65.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Guggenheim restated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday, January 17th. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Oppenheimer upped their price objective on shares of Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group upped their price objective on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.43.

Progress Software Trading Down 8.4 %

Shares of PRGS opened at $58.19 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 1.87. The business’s 50-day moving average price is $66.44 and its 200-day moving average price is $62.44. The stock has a market cap of $2.50 billion, a PE ratio of 31.19, a P/E/G ratio of 6.86 and a beta of 0.93. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in shares of Progress Software during the second quarter valued at approximately $27,000. GAMMA Investing LLC boosted its stake 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 purchasing an additional 485 shares during the period. TD Private Client Wealth LLC boosted its stake 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 purchasing an additional 301 shares during the period. Prudent Man Advisors LLC purchased a new stake in shares of Progress Software during the third quarter valued at approximately $201,000. Finally, Assetmark Inc. boosted its stake 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 purchasing 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.