Progress Software (NASDAQ:PRGS) Stock Rating Lowered by Wall Street Zen

Progress Software (NASDAQ:PRGS) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

PRGS has been the topic of several other reports. Guggenheim reiterated a “buy” rating and issued a $83.00 price target on shares of Progress Software in a research note on Friday, June 27th. Citigroup reaffirmed a “neutral” rating on shares of Progress Software in a report on Friday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $75.00 price target on shares of Progress Software in a report on Friday, June 27th. Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a report on Friday, June 27th. Finally, DA Davidson raised their target price on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Progress Software presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

Progress Software Stock Up 0.4%

PRGS stock opened at $54.14 on Friday. The company’s 50 day moving average price is $61.68 and its 200 day moving average price is $59.46. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.79 and a current ratio of 0.43. Progress Software has a fifty-two week low of $50.68 and a fifty-two week high of $70.56. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of 41.33, a PEG ratio of 2.57 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last released its earnings results on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.10. The firm had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a net margin of 6.63% and a return on equity of 43.72%. The business’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, equities research analysts anticipate that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Activity at Progress Software

In other news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $58.27, for a total value of $83,209.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

Several large investors have recently modified their holdings of PRGS. Avantax Advisory Services Inc. lifted its stake in shares of Progress Software by 3.0% during the first quarter. Avantax Advisory Services Inc. now owns 6,396 shares of the software maker’s stock valued at $329,000 after buying an additional 185 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Progress Software by 1.8% during the first quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock valued at $546,000 after buying an additional 187 shares during the period. Assetmark Inc. lifted its stake in shares of Progress Software by 6.6% during the fourth quarter. Assetmark Inc. now owns 3,301 shares of the software maker’s stock valued at $215,000 after buying an additional 204 shares during the period. Summit Investment Advisors Inc. lifted its stake in shares of Progress Software by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,446 shares of the software maker’s stock valued at $290,000 after buying an additional 239 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Progress Software by 0.3% during the fourth quarter. First Trust Advisors LP now owns 95,908 shares of the software maker’s stock valued at $6,248,000 after buying an additional 281 shares during the period.

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.