Progress Software (NASDAQ:PRGS) Price Target Raised to $70.00 at Jefferies Financial Group

Progress Software (NASDAQ:PRGS) had its target price upped by research analysts at Jefferies Financial Group from $65.00 to $70.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s price objective points to a potential upside of 7.68% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Guggenheim boosted their target price on shares of Progress Software from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wedbush reiterated an “outperform” rating and set a $68.00 price objective on shares of Progress Software in a research note on Tuesday, September 10th. DA Davidson lifted their target price on Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $70.17.

Progress Software Stock Performance

Shares of PRGS traded down $0.25 during mid-day trading on Monday, hitting $65.01. The stock had a trading volume of 134,337 shares, compared to its average volume of 215,290. Progress Software has a fifty-two week low of $48.00 and a fifty-two week high of $70.56. 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 company has a market cap of $2.79 billion, a PE ratio of 34.76, a PEG ratio of 7.35 and a beta of 0.93. The company’s fifty day simple moving average is $67.08 and its two-hundred day simple moving average is $61.53.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 7,797 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $67.39, for a total value of $525,439.83. Following the completion of the transaction, the chief financial officer now owns 33,774 shares of the company’s stock, valued at approximately $2,276,029.86. This represents a 18.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ian Pitt sold 1,747 shares of Progress Software stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $65.07, for a total transaction of $113,677.29. Following the sale, the insider now owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PRGS. Victory Capital Management Inc. boosted its stake in Progress Software by 236.1% during the 2nd quarter. Victory Capital Management Inc. now owns 68,867 shares of the software maker’s stock valued at $3,737,000 after purchasing an additional 48,375 shares in the last quarter. Gallacher Capital Management LLC bought a new stake in Progress Software in the second quarter worth about $313,000. Quest Partners LLC acquired a new stake in Progress Software in the 2nd quarter valued at about $160,000. Choreo LLC bought a new position in shares of Progress Software during the 2nd quarter valued at about $855,000. Finally, Van Hulzen Asset Management LLC grew its stake in shares of Progress Software by 146.4% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 48,204 shares of the software maker’s stock worth $2,616,000 after purchasing an additional 28,640 shares during the last quarter.

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.