Progress Software (NASDAQ:PRGS) Reaches New 12-Month Low After Analyst Downgrade

Shares of Progress Software Corporation (NASDAQ:PRGS) reached a new 52-week low during trading on Wednesday after Citigroup lowered their price target on the stock from $64.00 to $57.00. Citigroup currently has a neutral rating on the stock. Progress Software traded as low as $47.56 and last traded at $47.66, with a volume of 1651294 shares trading hands. The stock had previously closed at $48.80.

Several other brokerages also recently commented on PRGS. Wedbush restated an “outperform” rating and issued a $75.00 price target on shares of Progress Software in a research report on Friday, June 27th. DA Davidson lifted their price target on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 1st. Guggenheim reiterated a “buy” rating and issued a $83.00 target price on shares of Progress Software in a report on Friday, June 27th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research report on Friday, June 27th. Finally, Wall Street Zen lowered shares of Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.33.

Insider Buying and Selling

In other news, CFO Anthony Folger sold 5,529 shares of the company’s stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $52.97, for a total transaction of $292,871.13. Following the transaction, the chief financial officer directly owned 43,559 shares in the company, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yufan Stephanie Wang sold 1,428 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $58.27, for a total transaction of $83,209.56. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.

Institutional Trading of Progress Software

Several hedge funds and other institutional investors have recently modified their holdings of PRGS. Maseco LLP acquired a new stake in Progress Software in the second quarter valued at $28,000. Bessemer Group Inc. lifted its position in shares of Progress Software by 149.5% in the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock valued at $33,000 after buying an additional 296 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Progress Software during the 4th quarter worth approximately $33,000. Advisors Asset Management Inc. increased its holdings in shares of Progress Software by 135.1% during the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock worth $54,000 after acquiring an additional 604 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Progress Software by 59.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,463 shares of the software maker’s stock valued at $93,000 after purchasing an additional 546 shares during the last quarter.

Progress Software Stock Performance

The company’s fifty day simple moving average is $60.30 and its 200 day simple moving average is $58.65. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 2.43. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 36.38, a P/E/G ratio of 2.31 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 EPS for the quarter, beating the consensus estimate 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 last year, the firm earned $1.09 EPS. On average, equities research analysts expect that Progress Software Corporation will post 4.01 earnings per share for the current year.

Progress Software Company Profile

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.