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Progress Software (PRGS) Receives a Buy from Guggenheim

Guggenheim analyst Kenneth Wong maintained a Buy rating on Progress Software (PRGSResearch Report) yesterday and set a price target of $58.00. The company’s shares closed last Tuesday at $45.40.

According to TipRanks.com, Wong is a 4-star analyst with an average return of 14.1% and a 51.8% success rate. Wong covers the Technology sector, focusing on stocks such as BigCommerce Holdings, Weave Communications, and Altair Engineering.

Currently, the analyst consensus on Progress Software is a Moderate Buy with an average price target of $59.00.

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Progress Software’s market cap is currently $1.99B and has a P/E ratio of 24.99.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRGS in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Progress Software Corp. engages in the provision of a platform, which develops and deploy mission-critical business applications. It operates through the following business segments: OpenEdge Business; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge Business segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers. The Data Connectivity and Integration segment focuses on the growth of the data assets of the company, including its data integration components of the cloud offering. The Application Development and Deployment segment generates net new customers for the application development assets of the company. The company was founded by Joseph Wright Alsop, Clyde Kessel and Charles Arthur Ziering in 1981 and is headquartered in Bedford, MA.

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