Weiss Ratings Reaffirms Hold (C-) Rating for Progress Software (NASDAQ:PRGS)

Key Points

• Weiss Ratings has reaffirmed a "hold (C-)" rating for Progress Software (NASDAQ:PRGS), indicating that they do not see significant movement in the stock's value currently.
• Institutional investors are showing interest in Progress Software, with the Texas Permanent School Fund Corp increasing its stake by 67.3% in the 2nd quarter.
• The current consensus rating for Progress Software among analysts is "Moderate Buy" with a target price of $70.00, despite varying ratings and price targets from different analysts.

Progress Software (NASDAQ:PRGS - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by investment analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Several other equities research analysts also recently weighed in on PRGS. DA Davidson reaffirmed a "buy" rating and issued a $75.00 price target on shares of Progress Software in a research note on Tuesday, September 30th. Wedbush restated an "outperform" rating and issued a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Citigroup dropped their price target on shares of Progress Software from $64.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Jefferies Financial Group decreased their price objective on Progress Software from $60.00 to $50.00 and set a "hold" rating for the company in a report on Tuesday, September 30th. Finally, Guggenheim reissued a "buy" rating and issued a $83.00 price objective on shares of Progress Software in a research note on Friday, June 27th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Progress Software presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.00.

Progress Software Trading Down 1.9%

PRGS opened at $45.94 on Wednesday. Progress Software has a 1-year low of $40.29 and a 1-year high of $70.56. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 2.22. The company has a market cap of $1.97 billion, a P/E ratio of 41.76, a price-to-earnings-growth ratio of 2.14 and a beta of 0.67. The company has a fifty day moving average price of $44.33 and a two-hundred day moving average price of $53.18.

Insider Activity

In other Progress Software news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $46.26, for a total value of $66,059.28. Following the completion of the sale, the insider owned 668 shares in the company, valued at approximately $30,901.68. This trade represents a 68.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Krall acquired 5,125 shares of the firm's stock in a transaction on Wednesday, July 23rd. The stock was purchased at an average price of $48.90 per share, with a total value of $250,612.50. Following the purchase, the director owned 100,090 shares in the company, valued at approximately $4,894,401. The trade was a 5.40% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 7,311 shares of company stock worth $339,332. Corporate insiders own 3.40% of the company's stock.

Institutional Investors Weigh In On Progress Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Moody National Bank Trust Division increased its stake in Progress Software by 24.3% in the 3rd quarter. Moody National Bank Trust Division now owns 27,873 shares of the software maker's stock valued at $1,224,000 after buying an additional 5,457 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Progress Software by 67.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,781 shares of the software maker's stock worth $2,795,000 after purchasing an additional 17,607 shares during the last quarter. Osaic Holdings Inc. increased its stake in shares of Progress Software by 183.0% during the 2nd quarter. Osaic Holdings Inc. now owns 985 shares of the software maker's stock worth $62,000 after purchasing an additional 637 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Progress Software by 7.3% during the 2nd quarter. Squarepoint Ops LLC now owns 74,283 shares of the software maker's stock worth $4,742,000 after purchasing an additional 5,078 shares during the last quarter. Finally, TT Capital Management LLC purchased a new stake in shares of Progress Software during the 2nd quarter worth approximately $211,000.

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.

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