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

Progress Software (NASDAQ:PRGS) had its target price increased by investment analysts at Citigroup from $65.00 to $68.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would indicate a potential upside of 7.34% from the stock’s previous close.

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

Progress Software Stock Performance

Shares of PRGS traded down $0.37 during trading hours on Friday, hitting $63.35. The company had a trading volume of 166,035 shares, compared to its average volume of 391,368. The business has a fifty day moving average of $66.74 and a 200-day moving average of $62.15. 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 firm has a market cap of $2.72 billion, a price-to-earnings ratio of 33.87, a PEG ratio of 6.64 and a beta of 0.93. Progress Software has a 12 month low of $48.00 and a 12 month high of $70.56.

Insider Buying and Selling at Progress Software

In other news, insider Ian Pitt sold 1,747 shares of the firm’s stock in a transaction dated 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 $206,076.69. This trade represents a 35.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.30% of the company’s stock.

Institutional Trading of Progress Software

A number of institutional investors have recently bought and sold shares of PRGS. Dimensional Fund Advisors LP lifted its stake in shares of Progress Software by 2.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,409,225 shares of the software maker’s stock valued at $76,465,000 after purchasing an additional 34,318 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Progress Software by 4.4% during the third quarter. Principal Financial Group Inc. now owns 1,045,240 shares of the software maker’s stock valued at $70,418,000 after purchasing an additional 43,936 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Progress Software by 11.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 964,599 shares of the software maker’s stock valued at $64,985,000 after buying an additional 99,479 shares during the period. Seizert Capital Partners LLC boosted its holdings in Progress Software by 3.3% in the third quarter. Seizert Capital Partners LLC now owns 645,132 shares of the software maker’s stock worth $43,463,000 after acquiring an additional 20,355 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its stake in Progress Software by 74.2% in the third quarter. Segall Bryant & Hamill LLC now owns 589,698 shares of the software maker’s stock valued at $39,728,000 after acquiring an additional 251,125 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.