Progress Software (NASDAQ:PRGS) had its price objective raised by research analysts at Wedbush from $36.00 to $42.00 in a report released on Friday, March 29th, RTT News reports. The firm currently has a “neutral” rating on the software maker’s stock. Wedbush’s price objective indicates a potential downside of 5.94% from the company’s current price.
A number of other equities research analysts have also commented on PRGS. Zacks Investment Research lowered shares of Progress Software from a “buy” rating to a “hold” rating in a report on Thursday, November 29th. ValuEngine upgraded shares of Progress Software from a “sell” rating to a “hold” rating in a report on Thursday, December 6th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $43.00.
PRGS stock traded down $0.65 during midday trading on Friday, reaching $44.65. The company had a trading volume of 439,346 shares, compared to its average volume of 695,229. Progress Software has a 1 year low of $30.23 and a 1 year high of $47.60. The stock has a market cap of $1.99 billion, a PE ratio of 20.96 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 1.18.
In related news, Director John R. Egan sold 20,000 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $45.25, for a total value of $905,000.00. Following the completion of the transaction, the director now directly owns 73,206 shares in the company, valued at approximately $3,312,571.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John R. Egan sold 45,000 shares of the stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $45.01, for a total transaction of $2,025,450.00. Following the completion of the transaction, the director now owns 73,206 shares of the company’s stock, valued at $3,295,002.06. The disclosure for this sale can be found here. Insiders sold a total of 72,764 shares of company stock valued at $3,284,333 over the last 90 days. Company insiders own 1.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Captrust Financial Advisors grew its position in Progress Software by 162.4% during the 4th quarter. Captrust Financial Advisors now owns 992 shares of the software maker’s stock valued at $35,000 after purchasing an additional 614 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Progress Software by 34.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,707 shares of the software maker’s stock valued at $61,000 after purchasing an additional 438 shares during the last quarter. Bank of Montreal Can grew its position in Progress Software by 6.7% during the 4th quarter. Bank of Montreal Can now owns 4,727 shares of the software maker’s stock valued at $168,000 after purchasing an additional 297 shares during the last quarter. Pacer Advisors Inc. grew its position in Progress Software by 189.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,188 shares of the software maker’s stock valued at $218,000 after purchasing an additional 4,047 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Progress Software during the 4th quarter valued at about $248,000. 96.56% of the stock is currently owned by 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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