Citigroup Has Lowered Expectations for Progress Software (NASDAQ:PRGS) Stock Price

Progress Software (NASDAQ:PRGS) had its target price lowered by equities research analysts at Citigroup from $64.00 to $57.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 17.50% from the stock’s current price.

A number of other research firms have also recently commented on PRGS. Guggenheim reaffirmed a “buy” rating and set a $83.00 target price on shares of Progress Software in a research note on Friday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a research note on Friday, June 27th. Wall Street Zen cut Progress Software from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 5th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progress Software in a research note on Friday, June 27th. Finally, DA Davidson upped their target price on Progress Software from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.33.

Progress Software Trading Up 1.8%

Shares of NASDAQ PRGS opened at $48.51 on Tuesday. The business’s 50 day moving average is $60.05 and its two-hundred day moving average is $58.58. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.43 and a quick ratio of 0.43. Progress Software has a 1-year low of $47.52 and a 1-year high of $70.56. The stock has a market capitalization of $2.09 billion, a P/E ratio of 37.03, a PEG ratio of 2.26 and a beta of 0.68.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings data on Monday, June 30th. The software maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.10. Progress Software had a return on equity of 43.72% and a net margin of 6.63%. The company had revenue of $237.36 million for the quarter, compared to analysts’ expectations of $237.23 million. During the same period in the previous year, the firm posted $1.09 earnings per share. The firm’s revenue for the quarter was up 35.6% on a year-over-year basis. As a group, research analysts expect that Progress Software will post 4.01 EPS for the current year.

Insider Activity at Progress Software

In related news, insider Yufan Stephanie Wang sold 1,428 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $58.27, for a total value of $83,209.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Anthony Folger sold 5,529 shares of the company’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total value of $292,871.13. Following the sale, the chief financial officer owned 43,559 shares of the company’s stock, valued at approximately $2,307,320.23. This represents a 11.26% decrease in their position. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

Institutional Trading of Progress Software

A number of hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue lifted its holdings in Progress Software by 6.6% during the second quarter. State of Alaska Department of Revenue now owns 25,628 shares of the software maker’s stock worth $1,636,000 after buying an additional 1,597 shares during the period. Maseco LLP purchased a new stake in shares of Progress Software during the 2nd quarter valued at $28,000. GAMMA Investing LLC lifted its holdings in shares of 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. Exchange Traded Concepts LLC lifted its holdings in shares of Progress Software by 4.3% during the 2nd quarter. Exchange Traded Concepts LLC now owns 33,888 shares of the software maker’s stock valued at $2,163,000 after purchasing an additional 1,389 shares during the last quarter. Finally, Chesley Taft & Associates LLC purchased a new stake in shares of Progress Software during the 2nd quarter valued at $227,000.

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.