Progress Software (NASDAQ:PRGS) Cut to “Buy” at StockNews.com

Progress Software (NASDAQ:PRGS) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Thursday.

A number of other research analysts also recently weighed in on PRGS. Oppenheimer increased their price target on Progress Software from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Citigroup upped 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. DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday. Jefferies Financial Group increased their price objective on Progress Software from $65.00 to $70.00 and gave the company a “hold” rating in a report on Monday, January 6th. Finally, Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Friday, January 17th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.43.

Progress Software Stock Performance

Progress Software stock traded down $3.14 on Thursday, reaching $54.12. 2,109,446 shares of the stock were exchanged, compared to its average volume of 733,987. Progress Software has a twelve month low of $48.00 and a twelve month high of $70.56. The stock has a market cap of $2.32 billion, a PE ratio of 34.69, a PEG ratio of 6.92 and a beta of 0.93. The firm has a fifty day moving average price of $65.96 and a two-hundred day moving average price of $62.34. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 1.87.

Institutional Trading of Progress Software

Hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board purchased a new position in shares of Progress Software in the second quarter worth $27,000. GAMMA Investing LLC increased its position in 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 acquiring an additional 485 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in shares of 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 worth $126,000 after buying an additional 301 shares during the period. Blue Trust Inc. increased its stake in Progress Software by 23.2% in the fourth quarter. Blue Trust Inc. now owns 2,091 shares of the software maker’s stock worth $141,000 after purchasing an additional 394 shares during the period. Finally, KBC Group NV boosted its position in Progress Software by 44.5% in the 4th quarter. KBC Group NV now owns 2,335 shares of the software maker’s stock valued at $152,000 after buying an additional 719 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.