Guggenheim’s latest rating for PRGS stock

Progress Software Corp.’s recently made public that its EVP/GM Infrastructure Mgmt Subramanian Sundar unloaded Company’s shares for reported $0.3 million on Mar 01 ’24. In the deal valued at $52.58 per share,5,799 shares were sold. As a result of this transaction, Subramanian Sundar now holds 15,399 shares worth roughly $0.83 million.

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Then, Subramanian Sundar sold 2,475 shares, generating $142,016 in total proceeds. Upon selling the shares at $57.38, the EVP/GM Infrastructure Mgmt now owns 21,198 shares.

Before that, FOLGER ANTHONY sold 7,500 shares. Progress Software Corp. shares valued at $430,548 were divested by the Chief Financial Officer at a price of $57.41 per share. As a result of the transaction, FOLGER ANTHONY now holds 37,046 shares, worth roughly $1.99 million.

A number of analysts have revised their coverage, including Jefferies’s analysts, who began to cover the stock in early September with a ‘”a Hold”‘ rating. Guggenheim began covering PRGS with “Buy” recommendation on August 12, 2022. JP Morgan started covering the stock on October 22, 2021. It rated PRGS as “an Overweight”.

Price Performance Review of PRGS

On Tuesday, Progress Software Corp. [NASDAQ:PRGS] saw its stock fall -0.11% to $53.74. Over the last five days, the stock has gained 2.28%. Progress Software Corp. shares have fallen nearly -1.03% since the year began. Nevertheless, the stocks have fallen -4.38% over the past one year. While a 52-week high of $62.34 was reached on 01/24/24, a 52-week low of $49.02 was recorded on 01/05/24. SMA at 50 days reached $55.40, while 200 days put it at $56.03. A total of 0.24 million shares were traded, compared to the trading of 0.43 million shares in the previous session.

Levels Of Support And Resistance For PRGS Stock

The 24-hour chart illustrates a support level at 53.55, which if violated will result in even more drops to 53.37. On the upside, there is a resistance level at 54.06. A further resistance level may holdings at 54.39. The Relative Strength Index (RSI) on the 14-day chart is 44.55, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.01, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 61.49%. Stochastics %K at 40.04% indicates the stock is a holding.

How much short interest is there in Progress Software Corp.?

A steep rise in short interest was recorded in Progress Software Corp. stocks on Feb 29, 2024, growing by 0.39 million shares to a total of 2.85 million shares. Yahoo Finance data shows the prior-month short interest on Jan 31, 2024 was 2.46 million shares. There was a rise of 13.68%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 9.16% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.31.

The most recent change occurred on August 06, 2021 when Citigroup began covering the stock and recommended ‘”a Neutral”‘ rating along with a $48 price target.

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