Progress Software (NASDAQ:PRGS) Sets New 52-Week Low Following Analyst Downgrade

Progress Software Corporation (NASDAQ:PRGS) hit a new 52-week low during mid-day 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 changing hands. The stock had previously closed at $48.80.

Several other equities analysts have also recently weighed in on the company. DA Davidson lifted their price target on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, July 1st. Wall Street Zen downgraded shares of Progress Software from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 5th. Guggenheim reiterated a “buy” rating and issued a $83.00 price objective on shares of Progress Software in a research report on Friday, June 27th. Wedbush reissued an “outperform” rating and set a $75.00 price objective on shares of Progress Software in a report on Friday, June 27th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a report on Friday, June 27th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.33.

Insider Buying and Selling at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of Progress Software stock in a transaction dated Thursday, April 24th. The stock was 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 Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 5,529 shares of the business’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 value of $292,871.13. Following the transaction, the chief financial officer owned 43,559 shares of the company’s stock, valued at $2,307,320.23. This trade represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.

Institutional Trading of Progress Software

Several hedge funds have recently modified their holdings of PRGS. Maseco LLP purchased a new position in shares of Progress Software in the second quarter worth about $28,000. Bessemer Group Inc. lifted its stake in Progress Software by 149.5% during the fourth quarter. Bessemer Group Inc. now owns 494 shares of the software maker’s stock worth $33,000 after purchasing an additional 296 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Progress Software in the 4th quarter valued at $33,000. Advisors Asset Management Inc. boosted its position in shares of Progress Software by 135.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,051 shares of the software maker’s stock valued at $54,000 after purchasing an additional 604 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Progress Software by 25.0% in the first quarter. Nisa Investment Advisors LLC now owns 1,629 shares of the software maker’s stock valued at $84,000 after acquiring an additional 326 shares during the period.

Progress Software Stock Down 2.3%

The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap 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. The firm’s 50 day moving average price is $60.30 and its two-hundred day moving average price is $58.65.

Progress Software (NASDAQ:PRGS) last posted its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.10. The business had revenue of $237.36 million for the quarter, compared to analyst estimates of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The business’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 earnings per share. As a group, sell-side analysts forecast that Progress Software Corporation will post 4.01 earnings per share for the current fiscal 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.