Progress Software (NASDAQ:PRGS) had its price objective hoisted by investment analysts at Benchmark from $39.00 to $43.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Benchmark’s price objective points to a potential upside of 11.63% from the stock’s current price.
Other equities research analysts also recently issued research reports about the company. Wedbush lowered their price target on Progress Software from $58.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, March 27th. BidaskClub cut Progress Software from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine upgraded Progress Software from a “sell” rating to a “hold” rating in a research note on Friday, March 13th. TheStreet upgraded Progress Software from a “c+” rating to a “b” rating in a research note on Tuesday, May 5th. Finally, Zacks Investment Research cut Progress Software from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $46.60.
PRGS stock traded up $0.71 during trading on Friday, reaching $38.52. 99,962 shares of the company traded hands, compared to its average volume of 286,019. Progress Software has a 12 month low of $28.09 and a 12 month high of $52.50. The business has a 50 day simple moving average of $38.82 and a 200 day simple moving average of $39.62. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 47.19 and a beta of 1.10. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.19 and a current ratio of 1.19.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Marshall Wace North America L.P. purchased a new stake in Progress Software during the 1st quarter valued at approximately $28,000. Point72 Hong Kong Ltd purchased a new position in Progress Software in the 4th quarter valued at approximately $33,000. Private Capital Group LLC increased its stake in Progress Software by 71.7% in the 1st quarter. Private Capital Group LLC now owns 924 shares of the software maker’s stock valued at $30,000 after purchasing an additional 386 shares in the last quarter. Advisor Group Holdings Inc. purchased a new position in Progress Software in the 1st quarter valued at approximately $48,000. Finally, PNC Financial Services Group Inc. increased its stake in Progress Software by 36.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,590 shares of the software maker’s stock valued at $109,000 after purchasing an additional 696 shares in the last quarter. 93.74% of the stock is owned by hedge funds and other institutional investors.
Progress Software Company Profile
Progress Software Corporation develops business applications worldwide. The company operates in three segments: OpenEdge, Data Connectivity and Integration, and Application Development and Deployment. The OpenEdge segment offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across various platforms and devices, as well as cloud; Progress Corticon, a business rules management system that enables applications with decision automation and change process, and decision-related insight capabilities; Progress Kinvey, a platform for building enterprise applications; NativeScript, an open-source application development platform; and DataRPM, a cognitive predictive maintenance solution for industrial IoT.
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