Progress Software (NASDAQ:PRGS) Price Target Raised to $68.00 at Citigroup

Progress Software (NASDAQ:PRGS) had its price target hoisted by Citigroup from $65.00 to $68.00 in a research report released on Friday,Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

Several other research firms also recently weighed in on PRGS. Oppenheimer lifted their target price on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of Progress Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research report on Friday. DA Davidson raised their price objective on shares of Progress Software from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group upped their target price on shares of Progress Software from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Progress Software currently has an average rating of “Moderate Buy” and an average price target of $71.71.

Progress Software Stock Down 1.2 %

PRGS opened at $62.94 on Friday. The firm’s 50 day simple moving average is $66.65 and its two-hundred day simple moving average is $62.21. The company has a market capitalization of $2.70 billion, a PE ratio of 33.66, a PEG ratio of 6.64 and a beta of 0.93. Progress Software has a 1-year low of $48.00 and a 1-year 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.

Insider Activity

In other news, insider Ian Pitt sold 1,747 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was 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 directly owns 3,167 shares in the company, valued at approximately $206,076.69. This represents a 35.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Progress Software

Hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board bought a new stake in shares of Progress Software in the 2nd quarter worth about $27,000. GAMMA Investing LLC increased its stake 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 last quarter. TD Private Client Wealth LLC raised its position in 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 bought a new stake in shares of Progress Software in the 3rd quarter valued at approximately $201,000. Finally, Assetmark Inc. lifted its stake in shares of Progress Software by 10.2% in the 3rd 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 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.