Progress Software Corporation (NASDAQ:PRGS) Given Consensus Recommendation of “Moderate Buy” by Analysts

Progress Software Corporation (NASDAQ:PRGS) has earned an average recommendation of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $68.00.

A number of brokerages have weighed in on PRGS. Citigroup raised Progress Software from a “neutral” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Monday, October 13th. DA Davidson restated a “buy” rating and set a $75.00 price objective on shares of Progress Software in a research report on Tuesday, September 30th. Wall Street Zen raised shares of Progress Software from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings cut Progress Software from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Finally, Jefferies Financial Group dropped their price target on Progress Software from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, September 30th.

Institutional Investors Weigh In On Progress Software

A number of large investors have recently made changes to their positions in the company. Northern Trust Corp boosted its holdings in shares of Progress Software by 1.3% in the first quarter. Northern Trust Corp now owns 510,558 shares of the software maker’s stock worth $26,299,000 after buying an additional 6,435 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Progress Software by 29.1% in the first quarter. The Manufacturers Life Insurance Company now owns 672,685 shares of the software maker’s stock worth $34,650,000 after acquiring an additional 151,800 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Progress Software by 16.9% during the 1st quarter. AQR Capital Management LLC now owns 42,587 shares of the software maker’s stock valued at $2,194,000 after acquiring an additional 6,147 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Progress Software by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,644 shares of the software maker’s stock valued at $1,321,000 after acquiring an additional 1,454 shares during the period.

Progress Software Stock Down 4.4%

PRGS stock opened at $41.07 on Monday. The stock has a market capitalization of $1.76 billion, a P/E ratio of 37.34, a P/E/G ratio of 1.81 and a beta of 0.61. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.44 and a quick ratio of 0.44. Progress Software has a 1-year low of $39.00 and a 1-year high of $65.60. The business has a fifty day moving average price of $42.65 and a 200-day moving average price of $45.89.

About Progress Software

Progress Software (NASDAQ: PRGS) is a global provider of enterprise software designed to simplify and accelerate the delivery of business applications. The company’s offerings span digital experience management, application development and deployment, data connectivity and integration, and predictive analytics. Progress supports organizations in building, deploying, and managing mission-critical applications across on-premises, cloud and hybrid environments, helping to reduce development complexity and operational overhead.

Key products in Progress’s portfolio include Progress OpenEdge, a robust development and database platform for building transactional applications; Progress DataDirect, which enables high-performance connectivity to disparate data sources; Progress Sitefinity, a digital experience platform for content management and personalization; Progress Telerik, a suite of UI controls and developer tools; and Progress Kinvey, a serverless backend platform for mobile and web applications.