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

Progress Software Co. (NASDAQ:PRGS) hit a new 52-week low on Wednesday after Jefferies Financial Group lowered their price target on the stock from $60.00 to $55.00. Jefferies Financial Group currently has a hold rating on the stock. Progress Software traded as low as $48.00 and last traded at $52.18, with a volume of 310856 shares trading hands. The stock had previously closed at $48.70.

Other equities analysts have also recently issued reports about the company. DA Davidson initiated coverage on Progress Software in a research report on Thursday, March 28th. They issued a “buy” rating and a $65.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Progress Software from $65.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, March 27th. Oppenheimer reiterated an “outperform” rating and issued a $66.00 price target on shares of Progress Software in a research report on Wednesday, March 27th. StockNews.com upgraded Progress Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 10th. Finally, Guggenheim restated a “buy” rating and set a $64.00 target price on shares of Progress Software in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Progress Software currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.14.

Insider Transactions at Progress Software

In other news, insider Yufan Stephanie Wang sold 779 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.67, for a total value of $39,471.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Sundar Subramanian sold 584 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $49.89, for a total value of $29,135.76. Following the completion of the sale, the executive vice president now owns 17,195 shares of the company’s stock, valued at approximately $857,858.55. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Yufan Stephanie Wang sold 779 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.67, for a total value of $39,471.93. The disclosure for this sale can be found here. In the last three months, insiders sold 55,761 shares of company stock worth $2,841,941. 3.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Progress Software

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new position in Progress Software during the 4th quarter valued at approximately $28,000. Orion Capital Management LLC bought a new position in Progress Software during the 3rd quarter valued at approximately $41,000. Blue Trust Inc. raised its position in Progress Software by 24.1% during the 4th quarter. Blue Trust Inc. now owns 1,231 shares of the software maker’s stock valued at $65,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. bought a new position in Progress Software during the 4th quarter valued at approximately $68,000. Finally, EntryPoint Capital LLC raised its position in Progress Software by 993.5% during the 1st quarter. EntryPoint Capital LLC now owns 2,176 shares of the software maker’s stock valued at $116,000 after purchasing an additional 1,977 shares during the last quarter.

Progress Software Price Performance

The business has a 50-day simple moving average of $50.36 and a 200 day simple moving average of $52.98. The firm has a market cap of $2.26 billion, a P/E ratio of 31.84, a price-to-earnings-growth ratio of 6.33 and a beta of 0.93. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95.

Progress Software (NASDAQ:PRGS) last announced its earnings results on Tuesday, March 26th. The software maker reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. Progress Software had a return on equity of 35.79% and a net margin of 10.29%. The firm had revenue of $184.69 million during the quarter, compared to analyst estimates of $181.91 million. During the same quarter in the prior year, the company earned $1.01 EPS. The business’s revenue was up 11.5% compared to the same quarter last year. On average, analysts anticipate that Progress Software Co. will post 3.85 earnings per share for the current fiscal year.

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.