Progress Software (NASDAQ:PRGS) Rating Lowered to “Hold” at Wall Street Zen

Progress Software (NASDAQ:PRGS) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group reissued a “hold” rating on shares of Progress Software in a report on Friday, June 27th. Guggenheim reissued a “buy” rating and issued a $83.00 price target on shares of Progress Software in a report on Friday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $75.00 target price on shares of Progress Software in a report on Friday, June 27th. Citigroup reduced their target price on Progress Software from $64.00 to $57.00 and set a “neutral” rating on the stock in a report on Tuesday, July 15th. Finally, DA Davidson increased their target price on Progress Software from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $73.33.

Progress Software Trading Down 2.5%

Shares of PRGS opened at $41.94 on Friday. The company has a market capitalization of $1.81 billion, a P/E ratio of 32.02, a P/E/G ratio of 2.04 and a beta of 0.68. Progress Software has a one year low of $41.85 and a one year high of $70.56. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50-day moving average price of $46.54 and a 200 day moving average price of $54.62.

Progress Software (NASDAQ:PRGS) last issued its quarterly earnings results 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 firm had revenue of $237.36 million during the quarter, compared to the consensus estimate of $237.23 million. Progress Software had a return on equity of 43.72% and a net margin of 6.63%.Progress Software’s revenue for the quarter was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.09 earnings per share. Progress Software has set its FY 2025 guidance at 5.280-5.400 EPS. Q3 2025 guidance at 1.280-1.340 EPS. Sell-side analysts forecast that Progress Software will post 4.01 EPS for the current fiscal year.

Insider Transactions at Progress Software

In other news, CFO Anthony Folger sold 5,529 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $52.97, for a total transaction of $292,871.13. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Krall purchased 5,125 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The shares were bought at an average price of $48.90 per share, for a total transaction of $250,612.50. Following the completion of the transaction, the director directly owned 100,090 shares in the company, valued at approximately $4,894,401. This trade represents a 5.40% increase in their position. The disclosure for this purchase can be found here. Insiders own 3.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. boosted its position in Progress Software by 1.8% during the 1st quarter. QRG Capital Management Inc. now owns 10,607 shares of the software maker’s stock worth $546,000 after acquiring an additional 187 shares during the period. LPL Financial LLC boosted its position in Progress Software by 1,161.5% during the 1st quarter. LPL Financial LLC now owns 48,112 shares of the software maker’s stock worth $2,478,000 after acquiring an additional 44,298 shares during the period. PNC Financial Services Group Inc. boosted its position in Progress Software by 9.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,409 shares of the software maker’s stock worth $433,000 after acquiring an additional 694 shares during the period. Natixis Advisors LLC acquired a new position in Progress Software during the 1st quarter worth $693,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Progress Software by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 501,652 shares of the software maker’s stock worth $25,840,000 after acquiring an additional 9,852 shares during the period.

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.