Progress Software (PRGS) Rating Reiterated by Benchmark
Benchmark reiterated their buy rating on shares of Progress Software (NASDAQ:PRGS) in a research report report published on Tuesday morning, MarketBeat reports. They currently have a $47.00 target price on the software maker’s stock, up from their prior target price of $42.00.
Several other research firms have also recently issued reports on PRGS. Zacks Investment Research cut Progress Software from a buy rating to a hold rating in a research note on Wednesday, November 29th. ValuEngine cut Progress Software from a buy rating to a hold rating in a research note on Friday, December 1st. Finally, Wedbush reissued a neutral rating and set a $32.00 target price on shares of Progress Software in a research note on Monday, September 18th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $40.33.
Progress Software (NASDAQ PRGS) opened at $43.61 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.27. Progress Software has a 12 month low of $27.16 and a 12 month high of $43.88. The stock has a market capitalization of $2,080.00, a P/E ratio of -40.38 and a beta of 0.65.
A number of hedge funds have recently modified their holdings of PRGS. Numeric Investors LLC grew its stake in Progress Software by 2,170.2% in the second quarter. Numeric Investors LLC now owns 1,127,507 shares of the software maker’s stock worth $34,829,000 after purchasing an additional 1,077,842 shares during the period. JPMorgan Chase & Co. grew its stake in Progress Software by 24.3% in the second quarter. JPMorgan Chase & Co. now owns 1,833,297 shares of the software maker’s stock worth $56,630,000 after purchasing an additional 358,804 shares during the period. Renaissance Technologies LLC grew its stake in Progress Software by 210.1% in the second quarter. Renaissance Technologies LLC now owns 458,911 shares of the software maker’s stock worth $14,176,000 after purchasing an additional 310,900 shares during the period. RWC Asset Management LLP purchased a new stake in Progress Software in the third quarter worth $11,451,000. Finally, Prudential Financial Inc. grew its stake in Progress Software by 149.5% in the third quarter. Prudential Financial Inc. now owns 484,991 shares of the software maker’s stock worth $18,513,000 after purchasing an additional 290,630 shares during the period. 93.64% of the stock is currently owned by institutional investors.
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Progress Software Company Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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